The World Bank's Board of Executive Directors on Saturday greenlit a financing package totaling $149.7 million.
The financing is earmarked for two pivotal initiatives: the Digital Economy Enhancement Project (DEEP) and the Sindh Barrages Improvement Project (SBIP).
The Digital Economy Enhancement Project (DEEP), valued at $78 million, seeks to revolutionize public service delivery by leveraging digital platforms. This initiative aims to expand access to digitally enabled services for both citizens and businesses, fostering greater connectivity and efficiency.
Notably, DEEP will pave the way for regulatory reforms, enhance personal data protection, and promote online safety, thus facilitating a more secure digital landscape.
Commenting on the significance of DEEP, Najy Benhassine, the World Bank's Country Director for Pakistan, emphasized its potential to catalyze economic and social development. "Supporting the growing digital economy in Pakistan is key for economic and social development, broadening connectivity and access to government and financial services for citizens and entrepreneurs, particularly women," stated Benhassine.
Furthermore, DEEP aims to promote financial inclusion, particularly among women, by facilitating access to banking services and credit through innovative smartphone applications. By addressing barriers such as limited mobility and digital literacy, the project aims to empower marginalized communities and bridge the digital divide.
The second tranche of financing, amounting to $71.7 million, is allocated for the Sindh Barrages Improvement Project (SBIP). This funding will bolster efforts to enhance the resilience of key infrastructure against floods, particularly in the Sindh province. The rehabilitation works at crucial barrages, including Guddu and Sukkur, are poised to be completed and commissioned under SBIP, ensuring the effective management of floodwaters.
"Having safe and effective barrages to convey floodwaters downstream is a crucial part of building climate resilience in Sindh," emphasized Benhassine, underlining the project's significance in mitigating the impact of natural disasters.
Additionally, the SBIP financing will facilitate capacity-building measures within the provincial barrage management units, promote women's participation in emergency preparedness, and prioritize extensive citizen engagement and stakeholder involvement.
