World Bank’s South Asia Regional Director for Infrastructure Guangzhe Chen Monday said that Pakistan and World Bank should continue to work together to deal with macro-economic challenges and expansion of renewable energy for the long-term development of the country.
Chen called on the Federal Minister for Economic Affairs Sardar Ayaz Sadiq and matters of mutual interest were discussed in the meeting.
The minister appreciated the World Bank’s continuous support for economic development activities in Pakistan. He expressed gratitude to World Bank for its flood relief assistance to the country.
Chen apprised that currently, the World Bank portfolio in Pakistan comprises 54 projects worth $13.1 billion. He highlighted that World Bank is not only putting special focus on renewable energy development projects but also on energy conservation activities to help overcome the energy demand.
The minister appreciated and assured complete assistance and facilitation to the World Bank team from the Ministry of Economic Affairs to help expedite the implementation of the development projects.
He assured the World Bank about the efficient distribution of funds and apprised about the rigorous monitoring of foreign-funded projects through continuous meetings of the National Coordination Committee on Foreign-Funded Projects and Steering Committee for Coordination regarding International Assistance for Flood Relief Activities.
The minister said that the ministry is pushing the projects, especially those facing chronic delays to increase the pace of implementation and disbursements. He mentioned that he has also directed the Ministry of Law to help expedite the approval of agreements with the development partners to facilitate a quick process of approvals.