World Bank approves $382 million and $230 million projects for Karachi
- Three projects for Karachi are approved to improve mobility, accessibility, and safety.
- World Bank approved $382 million and $230 million for Karachi Mobility Project and Livable City of Karachi project respectively.
- The investment is going to enhance Karachi’s contribution to the country’s economy and people’s well-being.
The World Bank has approved three projects for Karachi that will help in improving urban management and investment environment.
These projects would help in improving mobility, accessibility, and safety along selected corridors and access to safe water services.
The findings of the ‘Karachi Transformative Strategy’ estimates infrastructure needs of between $9billion and $10billion in financing to meet infrastructure and service delivery needs in water supply, urban transport, and sanitation.
Here is what WB Country Director for Pakistan says:
While commenting on the approval of the projects, World Bank Country Director for Pakistan IllangoPatchamuthu said:
“Investments to improve infrastructures, institutions, and services will further enhance the city’s contribution to the country’s economy and people’s well-being”.
Karachi mobility project:
World Bank has approved $382 million for the ‘Karachi mobility project’. It will improve access to jobs, mobility, and safety through a ‘Bus Rapid Transit’ system along the 21-km ‘Yellow Corridor’.
The Yellow Corridor:
The yellow corridor starts at DawoodChowrangi in the east, runs through the Korangi industrial area and ends in Numaish at the city center.
It will benefit commuters along with the Surjani town and Korangi industrial area. It will also reduce travel time, road traffic fatalities, and reduce emissions. The project will be completed in six years, starting from July this year.
The main focus of the project is to provide safe and secure transport for women’s mobility as women have a particular low economic participation rate in Karachi at 8%.
The Competitive and Livable City of Karachi project:
This project will receive World Bank’s $230 million in funds to improve urban management, service delivery, and the business environment.
Karachi has been facing challenges in urban management, service delivery, and business environment. This project will improve performance and service delivery by local councils through performance-based grants for the urban property tax system, enhance ease of doing business and improve solid waste management.
The project will put the city on a long-term path towards achieving adequate service provision and a competitive business environment.
The business environment in the city is significantly hampered by weak regulatory governance and all regulatory processes are manual with minimal automation. This leaves considerable room for creating significant uncertainty in the business environment.