World Bank plans flood-related support of up to $1.7b
The World Bank (WB) said on Thursday that it planned to provide flood-related support of up to $ 1.7 billion through existing and new projects.
It has also termed Pakistan’s policy shift towards renewables as a step in the right direction
Pakistan’s policy shift towards renewables is a step in the right direction”, remarked Martin Raiser, the World Bank’s Regional Vice President for South Asia.
He led a delegation and called on Federal Minister for Power Engr Khurram Dastgir Khan here on Thursday.
The Minister apprised the Vice President of the unprecedented destruction caused by floods in Pakistan. He briefed on the devastation and accompanying economic misery of the people.
He further highlighted how the untiring efforts of the Ministry and Government of Pakistan helped restore electricity in most of the flood-affected areas.
The minister assured the World Bank that the present government is committed to reforming the energy sector, increasing the recoveries, and bridging the inefficiencies.
Mr. Martin expressed his deep regret for the catastrophic floods and said that the purpose of his visit is to access the situation on the ground.
He further remarked that the world bank has a huge portfolio in Pakistan. WB plans to provide flood-related support of up to $ 1.7 billion through existing and new projects.
This could be in form of strengthening social security programs, new emergency operations to help rehabilitate, long term resilience efforts.
“Pakistan has one of the largest energy portfolios of the World Bank anywhere in the world,” said the Vice President. He added that Pakistan’s policy shift toward renewables is a step in the right direction.
This is a great opportunity for Pakistan to shift its energy matrix to renewables. He commended the Minister for taking the right steps in terms of tariff adjustments regardless of the political cost, as the energy sector is macro-critical for the country’s fiscal stability.
The World Bank delegation included Mr. Najy Benhassine, Country Director, Mr. Gailius J. Draugelis, Operations Manager, Ms. Teuta Kacaniku, Program Leader, Mr. Zeeshan Ahmed Sheikh, IFC Country Manager, and Ms. Ewa Sobczynska, Special Assistant to the Vice President.
