The World Bank has approved $722 million loan for Pakistan that will largely be used for improving civic and public transport facilities in Karachi, according to The Tribune.
The World Bank was committing $652 million through three projects to strengthen institutions, municipal services and infrastructure in Karachi, according to a handout that the local office of the Washington-based lender issued on Friday.
The board of directors of the World Bank approved the loan a day earlier.
The World Bank also approved another loan of $70 million for improving tourism services in Khyber-Pakhtunkhwa (K-P).
Pakistan’s economy has been struggling for the past several months, especially i the face of severe debts and balance of payment issues. It has also applied to many international banks for aid and bailout.