Pkistan,WB sign financing agreement of $ 400 million for KPK

ISLAMABAD:Pakistan and World Bank on Friday signed the financing agreement of worth $ 400 million for different development projects in Khyber Pakhtunkhwa (KPK).

Minister for Economic Affairs, Omar Ayub Khan witnessed the signing ceremony of loan agreement of “Khyber Pakhtunkhwa Spending Effectively for Enhanced Development (SPEED) Program” worth $ 400 million with the World Bank, held in Ministry of Economic Affairs, and said a press release issued by Ministry of Ministry of Economic Affairs here.

Federal Secretary, Economic Affairs Division Noor Ahmed,and Country Director, World Bank Najy Benhassine signed the financing agreement of the project on the occasion.

The program aims to support the Government of Khyber Pakhtunkhwa in improving the availability and management of public resources for delivery of primary, middle and high school education and primary health services in the Province.

The program objectives will be achieved by introducing medium-term perspective to fiscal planning and budgeting to create fiscal space for education and health service delivery, providing adequate and predictable funding for education and health services delivery and provision of adequate staffing and facilities for health and education service delivery.

The improved management of public finances for delivery of education and health services will be ensured through delegation of greater financial management authorities to line departments and facility levels, rolling out integrated financial management information systems; and modernization of procurement processes.

Meanwhile Minister for Economic Affairs, Omar Ayub Khan, while witnessing the signing ceremony reiterated the parameters of valued partnership with the World Bank.

He stated that today’s event was a reflection of continued confidence by the IFIs on the Government’s policy and program.

He reiterated the commitment of Federal Government to extend all possible support to the Provincial Governments in their efforts to restore human capital by addressing setbacks to health, education, jobs, and building resilience service delivery system and promoting economic opportunities to ensure inclusive and sustainable economic growth in the country.

He thanked the World Bank Country Management for extending their continuous support to the Government of Pakistan in achieving sustainable economic development in the country. The Country Director World Bank, Mr. Najy Benhassine, ensured the World Bank’s continuous financial and technical support to Government of Pakistan in achieving the priority development objectives and to promote inclusive and sustainable economic growth in the country.

The Minister for Economic Affairs also chaired a meeting on Foreign-Funded Projects of the Government of Khyber Pakhtunkhwa and reviewed the progress of on-going portfolio.

During the meeting, the Minister emphasized to remove all the bottlenecks and expedite implementation of the projects on fast track basis.

In order to ensure smooth and timely completion of the projects, he directed to review progress of the projects on monthly basis. The meeting was attended by all the senior officials of EAD.