The Express Tribune has reported that World Bank recently allocated US$1.8 billion for Pakistan in order for the country to develop projects in the energy and water sectors. The announcement was made by Dr. Abdul Hafeez Shaikh after a meeting with Isabel Guerrero, president of World Bank.

Last year, World Bank provided US$1.2 billion to the country, with this year’s allocation expected to be mostly spent on upgrades and completion of development projects in the energy and water sectors. Remaining funds will also go towards infrastructure, social and reform programs.  “The World Bank allocating this unprecedented amount in one year is a big sign of confidence in Pakistan’s ability to accomplish development for its people,” Shaikh said.