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World Bank approves USD 238 mn loan to Pak to fight poverty
Washington, Dec 05: The World Bank has approved a credit of USD 238 million to further the reach of a successful poverty fighting programme to an additional five million people in Pakistan.
Washington, Dec 05: The World Bank has approved a credit of USD 238 million to further the reach of a successful poverty fighting programme to an additional five million
people in Pakistan.
The International Development Association Credit, the second installment for the Pakistan poverty alleviation fund (PPAF) project, will improve access to support and services such as micro credit, infrastructure, social services, skill enhancement programs and training.
The PPAF is an autonomous institution created in 1999 with funding from the world bank and the Pakistan government.
"By focusing on microcredit, education, health, community infrastructure and skill development, the PPAF provides an integrated approach to address the many faces of poverty," said Qazi Azmat ISA, World Bank task leader for the project. "This approach works in reducing vulnerability, especially among women. And, because it is implemented through well-managed NGOs with good track records, it is also a powerful recognition of the role NGOs play in the delivery of resources and services to the poor," he said.
Besides women, poor people in rural and drought-prone areas are likely to benefit from the project.
The loan has a 35-year maturity period, a 10-year grace period and 0.75 per cent interest rate.
Bureau Report
The PPAF is an autonomous institution created in 1999 with funding from the world bank and the Pakistan government.
"By focusing on microcredit, education, health, community infrastructure and skill development, the PPAF provides an integrated approach to address the many faces of poverty," said Qazi Azmat ISA, World Bank task leader for the project. "This approach works in reducing vulnerability, especially among women. And, because it is implemented through well-managed NGOs with good track records, it is also a powerful recognition of the role NGOs play in the delivery of resources and services to the poor," he said.
Besides women, poor people in rural and drought-prone areas are likely to benefit from the project.
The loan has a 35-year maturity period, a 10-year grace period and 0.75 per cent interest rate.
Bureau Report