Pak, World Bank collaborate for power, water sectors projects
File photo. Photograph: (Others)
Pakistan and the World Bank have collaborated for projects in water and power sectors.
The projects accounting for $565 million were signed between world Bank Country Director Patchamuthu Illangovan and Pakistan's Economic Affairs Division Secretary Syed Ghazanfar Abbas Jilani on Thursday, a Pak media reported.
Besides this, the representatives of the government of Sindh and National Transmission Despatch Company (NTDC) signed the agreements of their respective projects.
The report further stated that out of the total grant of $565 million, $425 million is meant for the NTDC and $140 million is for the Sindh government.
Out of the total grant of $565 million, $425 million is meant for the NTDC and $140 million is for the Sindh government, the report said.
According to the report, $425 million is meant for the National Transmission Modernisation (Phase-I) project.
The total cost of the project is $536.33 million. The World Bank will provide $425 million and $111.33 million will be borne by the NTDC. While $140 million is meant for the Sindh Barrages Improvement Project.
The total estimated amount of the project is $152.2 million. While the World Bank will provide $140 million, the other $12.2 million would be borne by the Sindh government.
The funds were approved by the World Bank in December 2017, however, the procedural requirements by the administration took six months.
(With input from ANI)