World Bank Approves $102 Million Loan for Climate-Affected Farmers in Pakistan

The World Bank has approved a loan of $102 million for Pakistan, aimed at assisting poor farmers affected by climate change. The funds will be used to provide small loans to individuals impacted by changing weather patterns, enabling them to sustain their livelihoods.

According to a statement issued by the World Bank, the loan is designed to enhance the income of those affected by climate change and is part of the World Bank’s 10-year Country Partnership Program with Pakistan. The initiative is also expected to promote financial inclusion in rural areas and support small businesses.

The World Bank’s Country Director for Pakistan stated that microfinance is a crucial tool for supporting the financial needs of the impoverished, and this project will benefit around 1.89 million people, including one million women. Additionally, the World Bank is currently involved in 54 ongoing projects in Pakistan, with a total investment of $15.7 billion.