Karachi needs $10 billions to address infrastructure gaps

The World Bank Country Director for Pakistan Patchamuthu Illangovan (Illango) has stated that Karachi city needs $10 billion to address infrastructure gaps. The WB Country Director tweeted Wednesday, “Karachi Neighborhood will improve living environment in select Karachi neighborhoods. The city needs $10 billion to address infrastructure gaps”.

He further tweeted that the International Finance Corporation (IFC) finances private sector with long and short term capital to boost growth and create jobs; and $300 million was approved to support reforms in access to finance and doing business to create jobs.

Illango further tweeted: “Fin Incl & Infrastructure project will expand financial access to help poor especially women. It will boost private sector credits to 15% from 7% in 2015. Tarbela hydro power generation co-financed with Asian Infrastructure Investment Bank (AIIB) will add 1,410 MW of low cost electricity generation. National Social Protection Program will strengthen national social safety net systems for poor. It will benefit 5.3 mil poor women led households.”