Islamabad: The World Bank has approved a $ 400 million education package for Pakistan on Friday.
The World Bank in a statement said $ 300 million would go to projects at the university level and $50 million each for provincial reform projects at the primary school level in Punjab and Sindh.
“Pakistan’s transition to a middle-income country in the global knowledge economy of the 21st century will depend critically on the country’s intellectual and human capital,” said Rachid Benmessaoud, World Bank Country Director for Pakistan. “To achieve this objective, Pakistan needs to upscale its entire education system so it can produce skilled, innovative and enterprising graduates, as well as research and innovation capacity, capable of promoting dynamic economic development, ” he added.
The credits For the Punjab and Sindh Education projects are from the International Development Association (IDA), the World Bank’s concessionary lending arm, and carry a 0.75 percent service fee, a 10-year grace period, and a maturity of 35 years.
For the Tertiary Education Project, $ 110 million of the IDA credit will carry a 0.75 percent service charge fee, maximum commitment charge at 0.5 percent, a 10-year grace period, and a maturity of 35 years. US$190 million of the IDA credit will also include a fixed interest charge of 3.20 percent.
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