World Bank approves $149.7mln loan for Pakistan

The World Bank's Board of Executive Directors granted approval on Saturday for a financing package totaling $149.7 million.

This funding is designated for two significant endeavors: the Digital Economy Enhancement Project (DEEP) and the Sindh Barrages Improvement Project (SBIP).

Valued at $78 million, the Digital Economy Enhancement Project (DEEP) aims to modernize public service delivery by harnessing digital platforms. Its objective is to broaden the reach of digitally-enabled services to citizens and businesses, fostering enhanced connectivity and operational efficiency.

DEEP will also serve as a catalyst for regulatory reforms, bolstering personal data protection and online safety measures, thereby fortifying the digital environment.

Highlighting the importance of DEEP, Najy Benhassine, the World Bank's Country Director for Pakistan, emphasized its potential to drive economic and social advancement. "Promoting Pakistan's burgeoning digital economy is crucial for socioeconomic progress, enhancing access to government and financial services for citizens and entrepreneurs, especially women," Benhassine remarked.

Moreover, DEEP endeavors to advance financial inclusion, particularly for women, by facilitating access to banking services and credit through innovative smartphone applications. By addressing obstacles like limited mobility and digital literacy, the project aims to empower marginalized communities and bridge the digital gap.