WB’s $700m loan a ‘historic achievement’

ISLAMABAD: Prime Minister Nawaz Sharif Wednesday termed the approval for financing of $700 million loan for Pakistan by the World Bank as a historical achievement.
 He was talking to Finance Minister Ishaq Dar who called on him in his chamber at the National Assembly and apprised him on the World Bank’s approval for financing the 4500 MW Dasu Hydro power project.
 Prime Minister said that $600 million will be utilised for Dasu Hydro Power Project and $100 Million for the Sindh Irrigation project. Prime Minister congratulated Ishaq Dar and his team for this remarkable achievement and said “It shows the confidence of the multilateral donors and foreign countries in the economy of Pakistan.”
He said the projects would lessen power shortages and help in better utilization of water resources. The Finance Minister said the World Bank’s Loans were “purely concessionary and cheap. “The repayment schedule is spread over a period of 25 years including 5 years grace period, with low interest and nominal administrative charge of 2% per annum. It will also help in the reduction of domestic debt.”

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