WB approves $223 million loan to alleviate poverty in Karachi

WB approves $223 million loan to alleviate poverty in Karachi

ISLAMABAD: World Bank has approved the loan of $223 billion for Pakistan through two separate agreements for the eradication of poverty, improvement of life standards and women access to banking facilities in Karachi.

Under the agreement, the most of the loan amount will be spent in Karachi to alleviate poverty and improvement life standards.

As per the agreement  $137 million will be spent on the facilities to pave the way for women to access banking facilities. Rs 80 million will be provided to improve life standards in Karachi. Under the projects, most of the money will be spent to run small business in Sadar, Malir and Korangi areas.

The country director WB Patchamuthu Illangovan told that the main aim of WB, Pakistan partnership was to provide financial facilities to youths and poor segment of the society.

“Five percent population of Pakistan deprived off from access to banking facilities, therefore, there is need to improve the situation for the empowerment of women,” he explained.

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