More Dollars From World Bank
Wednesday, June 10, 2009
The government and World Bank here on Tuesday signed three agreements of US$ 900 million for financing development projects in different sectors. Secretary Economic Affair Division, Farrakh Qayyum and WB Acting Country Director, Saeed Habsi inked the MoU on behalf of their respective sides.
Secretary Education Department Punjab, Nadeem Ashraf, Secretary Education Department Sindh, Rizwan Memon and Kamal Hayat, Chief Executive Officer Pakistan Poverty Alleviation Fund signed the Project Agreements on behalf of their respective organizations.
According to the agreement, the WB would provide US$ 350 million for Punjab Education Sector Project, while about US$ 300 million for Sindh Education Sector Project and US$ 250 million for Pakistan Poverty Alleviation Fund.
The overall objectives of these projects are to help the government enhance efficiency and productivity of sectors like education and Poverty Alleviation.
The terms and conditions for the education sector credits will remain as per the World Bank standard, maturity period of the credit is 35 years having a grace period of 10 years.
It said that the government has to pay service charges at the rate of 0.75 percent and commitment charges at the rate of 0.5 percent per annum.
The objectives of the project are to improve access and equity and the quality and relevance of education in the province of Punjab.
The Project consists of the financing of the Punjab Education Sector Reform Program to enhance education sector expenditure and improved fiduciary environment.
It also aims at improving quality of education, improve education access and equity, school management and governance and monitoring.
US $ 10 million would be spent on technical assistance and building of institutional capacity of Punjab’s education sector departments and agencies.
US$ 300 million would be spent on Sindh Education Sector Project with an objective to improve access and equity and the quality and relevance of education in the Province of Sindh.
The Project consists of the financing of SERP, provide financial support to Sindh in its implementation of the SERP through its programe to improve the fiscal sustainability and effectiveness of public expenditures.
Program would help improve education sector management and strengthen the functioning, capacity and accountability of provincial, district and school level management for education service delivery.
It would also help to improve access to quality schooling in rural areas for girls and to improve the quality of teaching and student learning.
It will also provide technical assistance to develop or refine strategies to enhance the performance of incentive programs for public schools to improve transparency and build Sindh’s Education sector capacity for the development of specialized skills needed for competency-based testing of teachers.
The bank would also provide US$ 250 million for Third Pakistan Poverty Alleviation Fund Project.
The objective of the project is to empower the targeted rural poor with increased incomes, improved productive capacity and access to services to achieve sustainable livelihoods.
The Project consists of social mobilization and institution building, livelihood enhancement and protection, micro-credit access, basic services and infrastructure and project implementation support.
Source: Associated Press of Pakistan
Secretary Education Department Punjab, Nadeem Ashraf, Secretary Education Department Sindh, Rizwan Memon and Kamal Hayat, Chief Executive Officer Pakistan Poverty Alleviation Fund signed the Project Agreements on behalf of their respective organizations.
According to the agreement, the WB would provide US$ 350 million for Punjab Education Sector Project, while about US$ 300 million for Sindh Education Sector Project and US$ 250 million for Pakistan Poverty Alleviation Fund.
The overall objectives of these projects are to help the government enhance efficiency and productivity of sectors like education and Poverty Alleviation.
The terms and conditions for the education sector credits will remain as per the World Bank standard, maturity period of the credit is 35 years having a grace period of 10 years.
It said that the government has to pay service charges at the rate of 0.75 percent and commitment charges at the rate of 0.5 percent per annum.
The objectives of the project are to improve access and equity and the quality and relevance of education in the province of Punjab.
The Project consists of the financing of the Punjab Education Sector Reform Program to enhance education sector expenditure and improved fiduciary environment.
It also aims at improving quality of education, improve education access and equity, school management and governance and monitoring.
US $ 10 million would be spent on technical assistance and building of institutional capacity of Punjab’s education sector departments and agencies.
US$ 300 million would be spent on Sindh Education Sector Project with an objective to improve access and equity and the quality and relevance of education in the Province of Sindh.
The Project consists of the financing of SERP, provide financial support to Sindh in its implementation of the SERP through its programe to improve the fiscal sustainability and effectiveness of public expenditures.
Program would help improve education sector management and strengthen the functioning, capacity and accountability of provincial, district and school level management for education service delivery.
It would also help to improve access to quality schooling in rural areas for girls and to improve the quality of teaching and student learning.
It will also provide technical assistance to develop or refine strategies to enhance the performance of incentive programs for public schools to improve transparency and build Sindh’s Education sector capacity for the development of specialized skills needed for competency-based testing of teachers.
The bank would also provide US$ 250 million for Third Pakistan Poverty Alleviation Fund Project.
The objective of the project is to empower the targeted rural poor with increased incomes, improved productive capacity and access to services to achieve sustainable livelihoods.
The Project consists of social mobilization and institution building, livelihood enhancement and protection, micro-credit access, basic services and infrastructure and project implementation support.
Source: Associated Press of Pakistan
Labels: Economy and Business, Pakistan Economy
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