[Pakistan], June 14 (ANI): Pakistan and the World Bank on Thursday inked agreements worth $565 million to help build and support the projects in power and water sectors.
World Bank Country Director Patchamuthu Illangovan and Pakistan's Economic Affairs Division Secretary Syed Ghazanfar Abbas Jilani signed the agreements, reported the Dawn.
In addition to this, the representatives of the government of Sindh and National Transmission Despatch Company (NTDC) signed the agreements of their respective projects.
Out of the total grant of $565 million, $425 million is meant for the NTDC and $140 million is for the Sindh government, the report said.
According to the report, $425 million is meant for the National Transmission Modernisation (Phase-I) project which is "designed to increase the capacity and reliability of selected segments of the national transmission system in the country and modernize key business processes of the NTDC."
The total cost of the project is $536.33 million. The World Bank will provide $425 million and $111.33 million will be borne by the NTDC.
While $140 million are meant for the Sindh Barrages Improvement Project which, according to the report, "is aimed at improving the reliability and safety of Guddu Barrage and strengthening the Sindh Irrigation Department's capacity to operate and manage the barrage."
The total estimated amount of the project is $152.2 million. While the World Bank will provide $140 million, the other $12.2 million would be borne by the Sindh government.
The funds had been approved by the World Bank in December last year, however, the administration took six months to meet procedural requirements before ultimately inking the agreement.(ANI)