WB approves $535m loan for social protection, aquaculture.
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ISLAMABAD: World Bank's Board of Executive Directors approved $ 535 million in financing for Pakistan to support two key projects, Crisis-Resilient Social Protection (CRISP) and Sindh Livestock and Aquaculture Sectors Transformation (LIVAQUA).
Additional financing for CRISP programme aims to strengthen country's social protection system and build shock resilience among poor and vulnerable households. LIVAQUA project, on other hand, will promote climate-smart and competitive small and medium producers in livestock and aquaculture sectors in Sindh, according to news release. "Catastrophic floods that hit Pakistan in 2022 were tragic reminder of importance of building resilience to such disasters, including by strengthening both social protection and sectors that support economic growth and recovery," said Najy Benhassine, World Bank Country Director for Pakistan. "It is also imperative to help vulnerable absorb climate shocks through innovative climate-smart technology and contingency planning," he added. Additional financing for CRISP ($400 million) will build on program's ongoing efforts to equip Pakistan's social protection system with policy and delivery system foundations necessary for more effective and rapid responses to future crises.
"Additional financing would not only assist families in becoming more resilient to climate and economic shocks but also encourage use of provincial capacities to take up larger role in social assistance." LIVAQUA ($135 million) will finance interventions to promote climate-smart production, value addition and inclusive access to markets and help create opportunities for growth in livestock and aquaculture sectors. "Project will improve livelihoods of small and medium livestock and aquaculture producers, increase their resilience to animal health and climate-related shocks, strengthen overall growth of these two sectors in Sindh and more broadly improve food and nutrition security and reduce sectors' contribution to greenhouse gas emissions," said Myriam Chaudron, Task Team Leader for project.
