ISLAMABAD (Mudassar Ali Rana) – The World Bank (WB) on Monday approved a grant of $4.79 million for Pakistan.
According to a statement issued by the WB, the funds will be used to improve the education sector in Punjab province, with a focus on increasing the number of students in primary classes.
The statement further said that the grant will also help in increasing student enrollment in schools.
Additionally, it was mentioned that under the project, around 4 million students will be provided with improved facilities, and approximately 80,000 new students will be able to enroll in schools through this program.
World Bank approves 102m dollars loan for Pakistan's microfinance sector
It is worth mentioning that the global lender had also approved $102 million earlier this year in financing for the Resilient and Accessible Microfinance (RAM) Project, which aims to enhance access to microcredit and support the resilience of the microfinance sector and its borrowers, particularly in the face of climate-related shocks, in Pakistan.
"Microfinance is a critical tool for supporting the livelihoods of vulnerable populations in Pakistan. This project will help strengthen the resilience of the microfinance sector, particularly in the face of growing climate risks, ensuring that the sector can continue to provide essential financial services to those who need them most, especially in rural areas" said Najy Benhassine, World Bank Country Director for Pakistan.
"This project is part of our broader commitment to promoting financial inclusion in Pakistan and to increasing resilience to climate change, as spelled out in our new 10-year Country Partnership Framework,” the country director added.
The RAM Project is expected to benefit nearly 1.89 million people (including more than 1 million women and over 350,000 youth), especially those in vulnerable and low-income rural communities, according a press release issued by the World Bank.