To bolster Pakistan’s energy sector, the Executive Directors of the World Bank on Tuesday approved an additional $1 billion financing for the Dasu Hydropower Stage I (DHP I) Project.
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World Bank Vice President Applauds FBR Reforms
Islamabad, May 8, 2024 – In a significant meeting held at the Federal Board of Revenue (FBR) headquarters on Wednesday, Martin Raiser, Vice President of the World Bank, met with Amjed Zubair Tiwana, the Chairman of FBR and Secretary of the Revenue Division.
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World Bank Pledges Support for Pakistan’s Digitalization Efforts
The World Bank (WB) has reaffirmed its commitment to supporting Pakistan’s economic stabilization and revenue enhancement through comprehensive reforms and digitalization programs.
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World Bank and FBR Review Pakistan Revenue Program, Acknowledge Significant Achievements
Islamabad, July 20, 2023 – The Country Director of the World Bank, Najy Benhassine, and the Chairman of the Federal Board of Revenue (FBR), Asim Ahmad, held a meeting at the FBR Headquarters to evaluate the progress of the Pakistan Raises Revenue (PRR) Program during the last financial year.
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ACT Initiative: Developing Economies Can Leverage Trade to Meet Climate Goals
The World Trade Organization (WTO), the World Bank Group, and the World Economic Forum (WEF) on April 20, 2023 launched a new initiative called “Action on Climate and Trade” (ACT).
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Pakistan’s banking sector exposed to sovereign borrowing
Pakistan’s banking sector is facing growing risks due to its increasing exposure to the government, according to a report issued by the World Bank.
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Dar explains cancellation of visit to IMF, World Bank spring meetings
On April 8th, Pakistan’s Minister for Finance and Revenue, Muhammad Ishaq Dar, held a press conference to address the cancellation of his visit to the United States for the annual and spring meetings of the International Monetary Fund (IMF) and World Bank.
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World Bank paints bleak economic outlook for Pakistan; projects growth at 0.4%
The World Bank has painted a bleak economic outlook for Pakistan for the fiscal year 2023, with several factors contributing to the expected slow growth of only 0.4 percent.
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World Bank satisfied with progress of Pakistan Raises Revenue Program
The World Bank has commended the Federal Board of Revenue (FBR) for the successful implementation of the Pakistan Raises Revenue Program (PRRP), aimed at fostering sustainable growth in domestic revenue.
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IFC helps Engro in reducing plastic waste
KARACHI: International Finance Corporation, a member of World Bank Group, has signed an agreement to assist Engro Corporation in reducing plastic waste, promoting recycling, and boosting the company’s energy efficiency.
The project is part of IFC’s Pakistan Resource Efficiency Program, which aims to improve efficiency, cost-competitiveness, reliability, and productivity in the manufacturing sector, particularly in energy-intensive industries.
READ MORE: Engro Corp approves $31.4m for petrochemical project study
IFC’s climate advisory project will help Engro Corporation assess the opportunities for moving toward a circular plastics economy as it develops a $1.8 billion petrochemical project to produce polypropylene.
The circular system would see polypropylene products collected and reused or recycled and converted into viable products.
IFC’s team will also assist Engro Corporation in driving sustainability by reducing its carbon and water footprints and adapting to climate-related risks through targeted interventions.
READ MORE: Engro Corp posts 23% revenue growth in nine months
Pakistan is the second-largest domestic market for plastics in South Asia after India and among the top 10 countries most impacted by climate change.
The country produces about 30 million tons of solid waste annually, of which 9 percent is plastic waste. Its Indus river is a major carrier of plastic waste into oceans.
Ghias Khan, President, and CEO of Engro Corporation, said: “At Engro, we believe that operating businesses sustainably at a globally competitive level need not be a zero-sum game. Therefore, we are actively partnering with global leaders such as IFC for a circular plastics economy, resource efficiency and carbon footprint reduction, to build a more sustainable future for our coming generations.”
READ MORE: World Bank’s IFC signs financing agreement to build six power projects in Pakistan
“Climate change is already impacting Pakistan and it’s crucial for companies to do everything they can to be efficient in their resource usage,” said Hela Cheikhrouhou, IFC’s regional Vice President for the Middle East, Central Asia, Turkey, Afghanistan, and Pakistan “Reusing plastics will not only cut greenhouse gas emissions and protect the environment but will help companies save money and become more competitive internationally.”
Engro Corporation has been a strategic IFC client for nearly three decades. IFC has supported Engro’s growth from an ammonia-based fertilizer producer to a conglomerate with interests mainly in polyvinyl chloride production, dairy, power generation, liquefied petroleum gas storage and handling, liquefied natural gas regasification, telecom towers and logistics.