Martin Raiser, the World Bank’s regional vice president for South Asia, said the bank plans to provide up to $1.7 billion in flood assistance through existing and upcoming projects.
on thursday [September 22]Martin Raiser led the delegation to meet Engr Khurram Dastgir Khan, Federal Energy Minister in Islamabad.
Minister informs WB Vice President of Pakistan’s unprecedented flooding He briefed the World Bank delegation on the devastation and economic misery of the people.
The energy minister also highlighted how tireless efforts by the ministry and the Pakistani government have helped restore electricity in most of the flood-affected areas.
The minister reassured the World Bank that the current government is committed to reforming the energy sector and boosting recovery while also linking inefficiencies.
Martin expressed his deepest condolences over the massive flooding and said the purpose of his visit was to assess the situation on the ground.
He also noted that the World Bank has a large investment portfolio in Pakistan. He said this could be in the form of strengthening social security programs. New emergency operations to aid recovery and long-term recovery efforts
According to the WB official, Pakistan has one of the largest energy investment portfolios of the World Bank. He added that Pakistan’s shift in policy towards renewable energy was a step in the right direction. He said this was a great opportunity for Pakistan to turn its energy matrix into renewables.
WB officials commended ministers for taking the right steps in terms of tax adjustments regardless of political costs. This is because the energy sector is of macro importance to the country’s fiscal stability.
The World Bank delegation included Najy Benhassine, Country Director, Mr. Gailius J. Draugelis, Operations Manager, Ms. Teuta Kacaniku, Project Leader, Mr. Zeeshan Ahmed Sheikh, IFC Country Manager; and Mrs. Ewa Sobczynska, Special Assistant to Vice President