Islamabad: The World Bank (WB) has approved two loans worth a total of USD 465 million for the expansion of sustainable electricity trade between Central Asia and South Asia and to support higher education in Pakistan, a news source reported.
WB has approved the amount for the Central Asia-South Asia Electricity Transmission & Trade project (CASA-1000). This project will enable sustainable electricity trade among Afghanistan, Pakistan, Tajikistan, and Kyrgyz Republic. The project will require a financing of USD 65 million to set up infrastructure in Pakistan.
Meanwhile, WB has approved the rest of the USD 400 million for the Higher Education Development in Pakistan project. This project will improve the tertiary education in the country to produce skilled, enterprising, and innovative graduates. It will also enhance the partnerships with industry for strategic research and develop data-driven governance of tertiary education.
WB Country Director for Pakistan Illango Patchamuthu stated that the two projects support the country’s long-term dream of creating a regional energy market and build high-quality talent, which will enhance economic prospects for millions of Pakistanis.
