According to Martin Raiser, the World Bank’s regional vice president for South Asia, the organization intends to invest up to $ 1.7 billion in projects currently underway and future ones to help with flood-related relief. On Thursday, Martin Raiser visited Federal Minister for Power Engr. Khurram Dastgir Khan with a delegation.
The minister informed the vice president of Pakistan’s floods’ tremendous devastation. He gave the WB delegation an update on the destruction and ensuing economic suffering of the people.
The power minister went on to highlight how the tireless efforts of his department and the Pakistani government had enabled the majority of the flood-affected districts to have energy restored.
The minister gave the World Bank reassurance that the current administration is dedicated to reforming the energy industry, boosting recoveries, and eliminating inefficiencies. Martin immediately apologized for the devastating floods and said that he had come to see the situation on the ground.
He added that Pakistan is a significant part of the World Bank’s portfolio. According to him, this might take the form of bolstering social security programs, fresh emergency operations to aid with recovery, and long-term resilience initiatives.
The World Bank has one of its largest energy portfolios, according to the WB official. He continued by saying that Pakistan’s policy change in favor of renewable energy is a positive development. He claimed that Pakistan has a great potential to change its energy mix to renewable sources.
The WB representative praised the minister for making the right decisions about tariff adjustments despite the political cost, since the energy sector is macro-critical for the stability of the nation’s finances.
The World Bank delegation included Najy Benhassine, Country Director, Mr. Gailius J. Draugelis, Operations Manager, Ms. Teuta Kacaniku, Program Leader, Mr. Zeeshan Ahmed Sheikh, IFC Country Manager; and Ms. Ewa Sobczynska, Special Assistant to Vice President.