World Bank Approves $652 million (Rs. 1 trillion) loan to Develop Karachi

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World Bank Approves $652 million (Rs. 1 trillion) loan to Develop Karachi

World Bank gave official approval for a $722 million loan facility to Pakistan which aims to improve public transport facilities in Karachi, media reports.

Out of the approved $722 million, around 90% or $652 million will be given for the development of Karachi, while rest of the proceedings will be used for improving tourism in Pakistan’s Khyber-Pakhtunkhwa.

The World Bank’s Development Program for Karachi will target enhancing urban management, safe water and sanitation, public transport, to increase the city’s liveability and competitiveness, the World Bank cites.

The projects were approved after findings of the study “Karachi Transformative Strategy” which projected that infrastructure requirements of the city are around $10 billion over the next 10 years.

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