Pakistan gets $1.498 billion World Bank loan in fiscal year 2006

The World Bank's lending commitment to South Asian region reached $3.8 billion during the financial year 2006 ended on June. Pakistan was among the 10 major borrowers of the Bank, receiving $1.498 billion or 6.3 percent share of total $23.6 billion commitments world-wide during the year 2006.
The Bank's commitments for South Asia in FY06 accounts for 16 percent of all these loans, grants and credits by the Bank's two closely affiliated entities - the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA).
It is important to note that the Bank's total lending commitments to all its members increased to $23.6 billion during financial year 2006, up by six percent ($1.3 billion) as compared to the previous year. Overall, Mexico and Brazil were the largest borrowers, followed by Turkey, Pakistan, China, India, and Argentina.
India, which also falls in the top-10 ranking, received $1.416 billion or six percent of the total IBRD/IDA commitments.
The World Bank under its Global Environment Facility (GEF) operations provided only $6 million during FY06 to South Asian region. The GEF grants support projects related to bio-diversity, climate change, international waters, land degradation, the ozone layer, and persistent organic pollutants in its member countries.
The IDA was set up to provide interest-free credits and grants to countries with little or no capacity to borrow on their own. Its commitments in the 2006 financial year rose by 9 percent to $9.5 billion as compared to FY05 - the highest in the organisation's history.
The IBRD aims at reducing poverty in middle income and creditworthy poorer countries through loans, guarantees as well as analytical and advisory services, marked a new record during FY06 reaching $14.1 billion rose by 4 percent over FY05 - the highest volume in the past seven years.
The highest percentage of IBRD/IDA lending went to the Latin America and the Caribbean region. It received $5.9 billion or 26 percent of the total lending.
The figures show lending commitments to Africa rose by 23 percent in the past financial year. Africa had 20 percent of total lending commitments with $4.8 billion. Europe and Central Asia had 17 percent with $4 billion; South Asia 16 percent with $3.8 billion; East Asia and the Pacific had 14 percent with $3.4 billion, while the Middle East and North Africa region had 7 percent to $1.7 billion.