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WB to provide US$4.5 billion to Pakistan
The World Bank will provide a loan of 4.5 billion US dollars to Pakistan in next three years to support Pakistan government to sustain the current trend of economic growth and to expedited social sector development in future. The local news paper The Nation reported on Monday that the loan will be provided with average lending of 1.5 billion dollars a year. World Bank Vice President of South Asia Praful Patel disclosed this to The Nation on Sunday in a panel interview that the South Asian wing of the bank is dealing with Pakistan, India, Bangladesh, Sri Lanka and Afghanistan. "At present the annual lending to Pakistan is about 900 million dollars, which will be enhanced to 1.5 billion dollars from fiscal year 2005-06, for a period of three years," said Patel. He said that half of the annual lending would consist of interest-free and highly concessional loans. Patel arrived in Pakistan to participate in the recent Pakistan Development Forum in Islamabad to discuss the ongoing economic development in the country, to firm up future financial requirements, and to facilitate Pakistan government to sustain and further accelerate the current level of economic growth for another three to four years and beyond. |
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