World Bank to enhance cooperation with Pakistan for its long-term development

WASHINGTON : The World Bank remains committed to Pakistan’s long-term development with focus on transitioning to renewable energy, especially hydro and solar power, said a senior official of the international development and climate institution.

At a meeting with Pakistan’s Ambassador to the United States, Masood Khan, the Bank’s Vice President for the South Asia Region, Martin Raiser said that this cooperation would be optimized in the years to come, according to a press release of the Pakistani Embassy.

The Pakistani envoy and Vice President Raiser discussed steps to advance cooperation between Pakistan and the World Bank in the development and climate response sectors.

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Last October, Martin Raiser co-chaired with the United Kingdom a high level round-table on how to respond to the impacts of the catastrophic floods in Pakistan on the sidelines of 2022 Annual Meetings of the World Bank and International Monetary Fund (IMF). Earlier, in September 2022, he visited Pakistan and reaffirmed Bank’s commitment to support the flood-hit Pakistani people.

The Ambassador thanked World Bank for contributing US$ 2 billion towards flood recovery, rehabilitation and reconstruction during International Conference on Climate Resilient Pakistan in Geneva which would cover support for housing, water and agriculture, social protection and health, among others. “The World Bank has been a resolute development partner of Pakistan,”, he added.

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Masood Khan requested the Bank for additional financing and assistance for health-related projects, especially to address the issue of water-borne diseases in the flood-affected areas. He also solicited Bank’s support in transitioning from adaptation and mitigation to building resilience. Pakistan, he said was committed to ensuring transparent and effective mechanism for disbursement of funds for the flood-affectees. For this purpose, establishment of International Partners Support Group (IPSG) would soon be announced.

The Ambassador also thanked the Bank for releasing around $1.2 billion of committed funds for various ongoing projects in Pakistan. Smooth flow of funds would ensure timely completion of social sector schemes, he said.

Martin Raiser expressed appreciation for the existing cooperation between the World Bank and the relevant agencies of Government of Pakistan, the press release added.

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