BAKU, Azerbaijan, December 5. The total investment volume by the International Development Association (IDA) for Pakistan since 1960 to date is around $32.72 billion, a source in the World Bank told Trend.
The source noted that $2.45 billion have been delivered so far since the beginning of Financial Year 23 in IDA projects.
“The World Bank Group is in the process of developing its Country Partnership Framework (CPF) which will outline the future areas for investment. The CPF will include the proposed areas and operations to be supported under IDA and IBRD, once these have been consulted with the incoming government. In the meantime, several operations are under preparation, which range from renewable energy, digital service delivery, microfinance, social protection, water and irrigation, and stunting,” the source noted.
The source went on to add that the World Bank lending in Pakistan supports a range of sectors, including health and education, economic growth, revenue mobilization, urban development, agriculture and renewable energy, transport, as well as emergency response to floods.
The International Development Association (IDA), a vital component of the World Bank, is dedicated to assisting the world's most impoverished nations. Since its establishment in 1960, the IDA's primary objective is poverty reduction through the provision of zero to low-interest loans, referred to as "credits," and grants designed to support programs fostering economic growth, reducing inequalities, and enhancing the living conditions of people.
Operating on concessional terms, IDA extends its financial support with zero or very low-interest charges, and repayments are distributed over an extended period of 30 to 40 years. Notably, over half of the countries benefiting from IDA resources receive either full or half of their allocations in the form of grants, which require no repayments. These grants are strategically allocated to low-income countries facing a higher risk of debt distress.
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