HELP PAKISTAN AND KASHMIR AFTER DEVASTATING, MASSIVE FLOODS - Page 3

nancyk58 · 25-12-2011, 10:51 PM

http://www.bbc.co.uk/news/business-16312355

23 December 2011 Last updated at 04:43 GMT

World Bank gives $5.5bn aid to Pakistan to boost growth

The World Bank has said it will give $5.5bn (£3.5bn) in development aid to Pakistan to support poverty reduction and economic growth.

The funding will provide support to critical social services such as education and health.

It will also support infrastructure programmes aimed at creating jobs and restoring long-term growth.

Floods earlier this year left some 200,000 people homeless and slowed Pakistan's economy.

"We will continue our strong support to Pakistan, while keeping a keen eye on implementation to ensure that these efforts translate into real results on the ground," Rachid Benmessaoud, the World Bank's Pakistan director was quoted as saying by the AFP news agency.

Slowing growth

Flooding in Pakistan affected almost one-fifth of the country's agricultural area, causing extensive damage to crops and food production.

At the same time, industrial production in the country was also hurt due to supply chain disruption and power outages.

The State Bank of Pakistan has warned the economy is likely to post slower-than-expected growth of between 3%-4% in the current financial year.

Its views were echoed by the World Bank, which said that the country's recovery from the floods remains slow.

The World Bank's $5.5bn funding will be comprised of $4bn in development assistance and $1.5bn from the bank's International Finance Corporation (IFC), which helps private sector firms.

"We are committed to helping Pakistan realize its potential especially in key sectors such as infrastructure, renewable energy and agribusiness," said IFC Middle East director Mouayed Mahlouf.

Related Stories

Pakistan hit by flood cash crisis 09 NOVEMBER 2011, ASIA

Struggle to survive Pakistan floods 17 OCTOBER 2011, SOUTH ASIA

Pakistan in flood aid 'struggle' 22 SEPTEMBER 2011, SOUTH ASIA

25-12-2011, 10:51 PM	#31
nancyk58 Coldplayer Join Date: Jun 2009 Posts: 31,282 My Mood: Location: Near Copenhagen Gender: Country: Chat posts: 0 Thanks given: 846 Thanked 182 Times in 132 Posts	http://www.bbc.co.uk/news/business-16312355 23 December 2011 Last updated at 04:43 GMT World Bank gives $5.5bn aid to Pakistan to boost growth The World Bank has said it will give $5.5bn (£3.5bn) in development aid to Pakistan to support poverty reduction and economic growth. The funding will provide support to critical social services such as education and health. It will also support infrastructure programmes aimed at creating jobs and restoring long-term growth. Floods earlier this year left some 200,000 people homeless and slowed Pakistan's economy. "We will continue our strong support to Pakistan, while keeping a keen eye on implementation to ensure that these efforts translate into real results on the ground," Rachid Benmessaoud, the World Bank's Pakistan director was quoted as saying by the AFP news agency. Slowing growth Flooding in Pakistan affected almost one-fifth of the country's agricultural area, causing extensive damage to crops and food production. At the same time, industrial production in the country was also hurt due to supply chain disruption and power outages. The State Bank of Pakistan has warned the economy is likely to post slower-than-expected growth of between 3%-4% in the current financial year. Its views were echoed by the World Bank, which said that the country's recovery from the floods remains slow. The World Bank's $5.5bn funding will be comprised of $4bn in development assistance and $1.5bn from the bank's International Finance Corporation (IFC), which helps private sector firms. "We are committed to helping Pakistan realize its potential especially in key sectors such as infrastructure, renewable energy and agribusiness," said IFC Middle East director Mouayed Mahlouf. Related Stories Pakistan hit by flood cash crisis 09 NOVEMBER 2011, ASIA Struggle to survive Pakistan floods 17 OCTOBER 2011, SOUTH ASIA Pakistan in flood aid 'struggle' 22 SEPTEMBER 2011, SOUTH ASIA __________________ Roskilde 5 July 2009 Herning 16 August 2009 *HELP CHILE* AND HAITI by making DONATIONS to ONE OF THESE RELIEF ORGANIZATIONS:** BritishRedCross's CHILE Earthquake Appeal: http://www.redcross.org.uk/donatesection.asp?id=77029 www.oxfam.org.uk - www.redcross.org - www.unicef.org - www.icrc.org or Disasters Emergency Committee receiving donations made on phone 0370 60 60 900 + through website www.dec.org.uk. Go to www.oxfamamerica.org, or text OXFAM to 25383 to make a one-time $10 donation to Oxfam’s Haiti Earthquake Response Fund. Donations possible via text, phone or the "Hope for Haiti" Web site until July 2010 VIVA LA VIDA / VIVA COLDPLAYING.COM MAKE PEACE - NOT WAR !!