WB approves $149.7 million for Pakistan's digital economy, flood prevention projects

ISLAMABAD, (NNI): The World Bank has greenlit a huge financial injection of $149.7 million into Pakistan for two pivotal projects aimed at propelling the nation forward. Among these initiatives are the "Digital Economy Enhancement Project" and the "Indus Barrage Improvement Project."

With $78 million earmarked for the Digital Economy Enhancement Project, Pakistan is gearing up to revolutionize its financial landscape through cutting-edge technology and data-driven decision-making.

This initiative aims to streamline government institutions by embracing digitalization, ultimately enhancing economic efficiency, fostering better coordination, and bolstering transparency across the board.

Recognizing the pivotal role of technology in economic and social progress, the World Bank underscores the importance of supporting Pakistan's burgeoning digital economy.

Additionally, a substantial $71.7 million has been allocated to the Indus Barrage Improvement Project, signalling a concerted effort to fortify the nation's defenses against the ravages of flooding. This endeavour seeks to bolster the resilience of Pakistan's canal system, mitigating the adverse impacts of severe floods and droughts.

Amidst these developments, the Special Investment Facilitation Council (SIFC) remains steadfast in its commitment to leveraging technology-driven financing solutions to attract foreign investment.

Moreover, it aims to shore up the nation's resilience against environmental challenges, paving the way for sustainable growth and development.