World Bank approves $722 mn loan for Pakistan.

• Position: Brief article

The World Bank has approved $722 million loan for Pakistan that will largely be used for improving civic and public transport facilities in Karachi- the largest metropolis that needs nearly $10 billion additional investment to make it liveable.

The World Bank was committing $652 million through three projects to strengthen institutions, municipal services and infrastructure in Karachi, according to a handout that the local office of the Washington-based lender issued on Friday. The board of directors of the World Bank approved the loan a day earlier.

The World Bank also approved another loan of $70 million for improving tourism services in Khyber-Pakhtunkhwa (K-P).

Karachi projects will focus on...