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World Bank to provide US$150 million credit

The World Bank will supply credit worth US$150 million as additional financing for the Pakistan Social Safety Net Project aimed at supporting the expansion and strengthening the performance of Pakistan’s safety net system under the Benazir Income Support Program (BISP). The agreement was signed by Dr. Waqar Masood Khan Secretary Economic Affairs Division, Rachid Benmessaoud, Country Director World Bank and  Muhammad Sher Khan Secretary Benazir BISP on 26 March. “The Government of Pakistan is committed to establish an effective social safety net platform for a well coordinated, effective, and efficient support to the poor families,” said Rachid Benmessaoud, World Bank Country Director for Pakistan. The credit is from the International Development Association, the World Bank’s concessionary lending arm. It carries a 0.75% service charge and 1.25% interest rate 5 years of grace period and a maturity of 25 years.

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