The Board of Executive Directors of the World Bank has sanctioned $149.7 million in financing for Pakistan to bolster two initiatives.
According to a press release from the international financial institution, $78 million has been earmarked for the Digital Economy Enhancement Project (DEEP), aimed at bolstering the proliferation of digitally-driven public services for both citizens and businesses.
Simultaneously, $71.7 million has been allocated as supplementary financing for the Sindh Barrages Improvement Project. This endeavor seeks to enhance resilience against floods and upgrade the reliability, safety, and management of the Sindh barrages.
Najy Benhassine, World Bank Country Director for Pakistan, emphasized, “The catastrophic floods that hit Pakistan in 2022 were a tragic reminder of the importance of building resilience to such disasters, including strengthening barrages and their management.”
Furthermore, he underscored the significance of fostering Pakistan’s burgeoning digital economy, stating, “Supporting the growing digital economy in Pakistan is key for economic and social development, broadening connectivity and access to government and financial services for citizens and entrepreneurs, particularly women.”
The Digital Economy Enhancement Project (DEEP), as outlined by the World Bank, will forge digital authentication and data-sharing platforms to empower Pakistan in responding more adeptly to shocks, enhancing e-government services, and driving regulatory reforms in the sector. These reforms aim to foster greater private sector involvement while fortifying personal data protection and online safety.
Moreover, the project endeavors to advance financial inclusion, particularly among women, by facilitating remote account opening and credit applications through a smartphone application. It will also address obstacles such as limited mobility and digital literacy.
