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BusinessLatest

WB approves $194m loan for development projects in Balochistan

By Faiz Paracha

ISLAMABAD: The World Bank has approved a $194 million loan for Pakistan to support two major development projects in the province of Balochistan.

According to a statement from the World Bank, the funding will be allocated to initiatives aimed at improving educational opportunities for children and strengthening water security in the region. The projects are designed to tackle longstanding development challenges in Balochistan.

World Bank Country Director for Pakistan Najy Benhassine stated that the primary goal of these initiatives is to reduce educational deprivation in the province. He added that the Balochistan Water Security Project will also help enhance the region’s resilience against climate change.

The World Bank further emphasized that investment in infrastructure and human development in Balochistan will contribute to job creation and economic growth.

Earlier, the Asian Development Bank (ADB) also approved a $350 million loan for Pakistan. According to the ADB, this funding will be used to improve women’s access to finance across the country.

Faiz Paracha

Faiz Paracha, an esteemed broadcast journalist with over two decades of experience, excels in reporting and editorial positions. His expertise lies in the economy and energy sectors, where he has delivered thorough coverage and valuable insights.

Currently serving as the Head of Reporting at News Diplomacy, Faiz manages coverage related to diplomatic missions, international development organizations, the United Nations, and foreign affairs. His diverse interests encompass environmental and climatic issues, alongside his profound knowledge of business, economy, and energy.

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