logo
MENAAP Region: Wolrd Bank team due on 20th

MENAAP Region: Wolrd Bank team due on 20th

ISLAMABAD: A World Bank team comprising Husam Mohamed Beides, Practice Manager for Energy, World Bank Middle East, North Africa, Afghanistan and Pakistan (MENAAP) Region, will be visiting Pakistan from July 20–26, 2025.
According to sources, Pakistan's Country Management Unit has moved to MENAAP region from July 1, 2025 and this would be introductory meeting with the officials from the sector, understanding Bank's ongoing energy sector portfolio and supporting its further progress.
In addition to Practice Manager, the World Bank team will comprise Muhammad Anis (senior energy specialist), Waleed Saleh Alsuraih (lead energy specialist), Waqar Idrees (senior energy specialist), Gunjan Gautam (senior energy specialist), and Minahil Raza (energy specialist).
World Bank's Benhassine lauds Pakistan's economic turnaround
Another WB team will visit Pakistan, from July 21 to July 29, 2025, to carry out a preparation mission for boosting energy security through transmission in Pakistan (Best-Pak) program phase- 1.
The mission will engage with the National Grid Company (NGC) previously known as National Transmission and Distribution Company (NTDC), the implementing agency of the project, Independent System and Market Operator (ISMO), Ministry of Energy (Power Division) and Ministry of Economic Affairs.
The objective of the mission is to appraise the Phase 1 STATCOM project prepared by NGC for proposed financing by the WB. Phase-1 of the programme will finance installation of STATCOMs at key locations along the NGC network to improve voltage stability, support reliable power system operations, and enable greater integration of renewable energy to enable South-North power transfer.
This will be the first deployment of STATCOM technology at scale in Pakistan. The Bank team will comprise Waleed Saleh Alsuraih (lead energy specialist), Mohammad Anis (senior energy specialist), Waqas Idrees (senior energy specialist), Ahmad Imran Aslam (senior environmental specialist), Jerome Bezzina (senior digital specialist), Ric Austria (senior power transmission Engineer), Sarah Khokhar (social development specialist), Syed Wajahat Ali Shah (procurement specialist), Mirza Omer Baig (financial management specialist), Naoki Fujioka (energy specialist); and Bahodir Amonov (energy specialist).
Copyright Business Recorder, 2025
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Indian cities need $2.4 trillion for climate infrastructure by 2050, World Bank says
Indian cities need $2.4 trillion for climate infrastructure by 2050, World Bank says

Business Recorder

time2 hours ago

  • Business Recorder

Indian cities need $2.4 trillion for climate infrastructure by 2050, World Bank says

NEW DELHI: India needs to invest more than $2.4 trillion by 2050 to build climate-resilient urban infrastructure, as its fast-expanding cities face growing challenges from extreme weather events linked to climate change, the World Bank said on Tuesday. The number of Indians living in cities is projected to nearly double to 951 million by 2050 from 480 million in 2020. But erratic rainfall, heatwaves, and rising sea levels are leaving urban areas in the world's most populous nation increasingly vulnerable, the bank said in a report. Without large-scale investments in housing, transport, water, and waste management systems, India will face escalating costs from weather-related damage, said the report entitled 'Towards Resilient and Prosperous Cities in India'. 'Cities need to become more resilient if people living in those cities are going to be safe,' Auguste Tano Kouame, theWorld Bank's country director for India, said at the launch of the report, which was prepared in collaboration with India's urban development ministry. Urban flooding already causes an estimated $4 billion in annual losses in India, the report found. That figure is projected to rise to $5 billion by 2030 and as much as $30 billion by 2070 without remedial action. India to issue climate risk disclosure rules for banks in the next few months, sources say The report's estimates based on conservative urban population growth put India's investment needs at $2.4 trillion by 2050 and $10.9 trillion by 2070, with those projections increasing to $2.8 trillion and $13.4 trillion respectively if the population is moderately urbanised. 'Timely actions can avert billions of annual damages and losses in flooding and extreme heat while investing in resilient and efficient municipal infrastructure and services,' the report said. India currently spends about 0.7% of its gross domestic product on urban infrastructure, well below global benchmarks, and must significantly scale up public and private financing, the World Bank report said. Federal, state and municipal governments must coordinate to improve project financing and provide climate-linked fiscal transfers. And India must increase partnerships with the private sector in areas including energy-efficient water supply, sanitation, solid waste management, and green buildings, it said. Private finance currently accounts for just 5% of urban infrastructure investment, the report said.

‘I had to skip work again': Karachiites struggle with Ajrak number plates process
‘I had to skip work again': Karachiites struggle with Ajrak number plates process

Business Recorder

time6 hours ago

  • Business Recorder

‘I had to skip work again': Karachiites struggle with Ajrak number plates process

KARACHI: Muhammad Jamal bought his Alto in 2022 through a bank loan, expecting the excitement of car ownership to be matched with smooth formalities. But three years later, he still doesn't have an Excise-issued number plate. 'I don't even know if the plate will be delivered to me or to the bank,' said Jamal, frustrated. With his original documents locked with the bank until the loan matures, and the Excise office requiring those same papers to issue the plate, Jamal finds himself at a bureaucratic dead end. He's not alone. Across Karachi, from business owners to delivery riders, ordinary citizens are caught in the confusion and delay caused by the Sindh government's drive to replace old number plates with new, Ajrak-themed ones. While officials argue the move is part of a broader Safe City initiative, people say the process has been anything but safe or smooth. Here's how to apply for new Ajrak design number plates online Umair Alam, an entrepreneur, also took his car out of the showroom in 2022 and registered it soon after. Since then, he's heard little more than what he called 'broken promises'. 'They told me the number plate would come by April 2025. Then in May, I followed up, and now they're saying July,' he told Business Recorder. Alam paid for registration once, but when the government introduced the Ajrak plates mid-process, he was told to pay again. Abid Hussain, a delivery boy who had come to the Excise office to apply for a number plate, said that was his second visit to the office. 'I had to skip work again, but I couldn't apply today either due heavy rush,' he lamented. On the other hand, Muhammad Qaiser, a private employee, told Business Recorder that he had preferred to apply online. 'However, after applying online, I neither received a payment confirmation SMS nor any information about when the number plate will be delivered,' he said. Qaiser said the tracking ID was only showing whether the plate had been printed or delivered. 'It does not specify when it will actually be received.' He added that there was no home delivery option available for online payments. 'At one point, I saw a courier option, but when I clicked it, it turned out to be invalid.' Two office for a population of over 20 million Karachi, Pakistan's largest city, has a population of around 20.3 million as per Census 2023. Yet, currently there are only two Excise offices - one at Hassan Square and the other in Clifton - to offer services related to vehicles registration and new number plates. Number plates with Ajrak design: only Excise-issued plates are valid, says minister When the scribe visited one of the two offices, several people were seen complaining about the shortage of counters and staff. They said establishing only two registration offices for such a large city was 'incomprehensible' and imposing a strict deadline on top of it was 'irrational'. The citizens called for an increase in the number of registration offices and an extension of the August 14 deadline. Agents were also seen taking advantage of people's plight outside the Excise Office. The scribe, not disclosing the identity, asked an agent standing outside the office how much he would charge to get the number plate work done. The agent responded that it would cost Rs10,000 for a car and Rs7,000 for a bike, with a delivery time of one to one and a half months. Meanwhile, not far from Excise offices, local shops continued to make duplicate number plates despite Sindh Excise and Taxation minister Mukesh Kumar Chawla's warning that only Excise offices could issue the new Ajrak design number plates and those issued by outside agents or shops would not be considered valid. A local craftsman who makes duplicate number plates told Business Recorder that most of his customers were students or delivery riders. According to the craftsman, people believe that police enforcement is limited to major roads, while students mostly ride their bikes in neighborhoods, so they prefer duplicate plates. He also mentioned that a duplicate plate for a bike costs around Rs500 to Rs600, whereas the official excise plate costs nearly Rs2,000. 'Due to limited financial resources and time, riders opt for duplicate plates.' Why new Ajrak design number plates? Earlier this month, Excise minister Chawla, explaining why Ajrak number plates were important, said the Safe City Project could not succeed until the security-enhanced number plates issued by the government were fully implemented. Talking to Business Recorder then, the minister ruled out the use of old or the number plate manufactured in open market/shops. Sindh extends deadline for Ajrak number plates until August 14 Emphasising the use of Ajrak number plates, the minister described the features of the number plate adding that the plates included threads in the background, 3D holograms, and barcodes. The Safe City cameras would also be able to read the plate number in night, he added. Chawla stated that the excise department had launched three different colored number plates: white plates for private vehicles and bikes, yellow plates for commercial vehicles, and green plates for government vehicles. He mentioned that the fee for vehicle number plates—whether government or commercial—was set at Rs2,450, and Rs1,850 for two wheelers.

Pakistan's parched future: bonds to bridge the water funding chasm
Pakistan's parched future: bonds to bridge the water funding chasm

Business Recorder

time12 hours ago

  • Business Recorder

Pakistan's parched future: bonds to bridge the water funding chasm

As the monsoons arrive, once again, Pakistan is facing a water crisis, shifting from drought-like scenarios to the threat of a flood. The seasonal threat is no longer creeping but ferocious. As seasonal relief in monsoon showers may seem to provide, the bitter truth remains the same: our water security is falling, drop after drop, each passing year. Where once favoured with powerful rivers and glacial flows, present-day Pakistan is a water-scarce nation. Water availability on a head-per-capita basis has crashed down to 800–1,017 cubic meters from 5,260 in 1951. By 2035, we could dip below 500–660 cubic meters, a threshold of pure scarcity, while UNDP predicts extreme scarcity below 500 cubic meters in 2025. This is no future prospect; it is present in the dried-out canals in Punjab, Sindh's saline groundwater, drop in water tables in Balochistan, and failing supply lines in main cities like Karachi and Lahore. But behind the green disaster is the less spoken but no less lethal, twin disaster: the disparity between what we need to pay for water security and what we pay. The cost of inaction Pakistan's water economy is bleeding. Analyst estimates and official sources put inefficiencies, climate-related disasters, and old infrastructure at Rs3-4 trillion every year, about 3–4 percent of GDP. The losses occur due to floods, droughts, inefficient irrigation, and crumbling infrastructure. Agriculture, which accounts for more than 90 percent of usable water, loses on conveyance estimated at between 40–60 percent, endangering both productivity and rural livelihoods. Consider, for example, a rural Punjabi smallholder, Abdul Rehman. During the lean season, his wheat crop shriveled for lack of water as irrigation canals dried up, prompting him to sell livestock to make ends meet. Just as in lower Sindh, Ghulam Mustafa encountered an almost identical ordeal in May-June this year; he was waiting for water to begin kharif planting amidst water scarcity. The Indus reduced significantly by the time it flowed to his distributary because of downstream restrains added to existing upstream problems, slowing down and dwindling the stream. By the time water flowed back, as well, it was in vain, the sowing period was gone and his debts increased. Such incidents are not unique. Along the coasts in Sindh, advancing seawater engulfs arable lands as flows of freshwater fail to trickle down to the delta, making previously fertile patches near Thatta and Sujawal desolate areas. Across central and southern Punjab, numerous Rabi growers watched their wheat crop drought for insufficient final irrigations in February just months before harvesting, owing to paucity of water. Across cities such as Karachi, Lahore, Multan, and Quetta, damaged water infrastructure compelled families to rely on costly and sometimes hazardous tanker supplies. The World Bank warned that unabated disruptions would shave an estimated 6 percent of the GDP until mid-decade, long-term estimates could be 10 percent until 2050, or even 18-20 percent because of broader climate damage. The flood damage in 2022 alone was estimated at Rs3.2 trillion, sweeping away homes, crops, and livelihoods. Yet investment hasn't caught up. Why the gap persists The 2018 National Water Policy (NWP) had set a humble target: 10 percent of the Public Sector Development Programme (PSDP) should be for water in 2019, increasing to 20 percent in 2030. We still aren't achieving even the baseline. Present federal PSDP allocations are around 9.5 percent, national water expenditures, across federal and provincial governments, are a mere Rs380–400 billion in FY2025–26, less than 0.3 percent of GDP. Although mega-projects such as Mohmand Dam (Rs35.7 billion) and Diamer-Bhasha (Rs25 billion) are separately funded, the aggregate amount remains inadequate. Provincial budgets are no different. Punjab allocated Rs38 billion for irrigation, Sindh Rs31 billion, KP Rs25.1 billion, and Balochistan Rs32 billion (inclusive of foreign-aided schemes). The figures are humble for a sector for which provinces are the sole operator for canal operations, water distribution, and urban supply. Much of the gap lies in the larger fiscal constraint in Pakistan: debt servicing accounts for more than 20 percent of the federal budget. With IMF austerity, restricted fiscal space, and increasing rivalry from defense, subsidies, and social protection, long-gestation infrastructure initiatives end up on the casualty list. The federal PSDP for water for the next financial year is down by more than 25 percent to Rs185 billion in FY2024–25. Dams receive Rs63.3 billion, canals Rs39.3 billion—the figures 10–15 percent below previous years in real terms. This reduction threatens to trap us in a vicious cycle of postponed upkeep and exposure. Enter: Pakistan Water Bonds In this dismal fiscal context, one idea offers a way out: Water Bonds. These are structured financial instruments that raise dedicated capital for water-related infrastructure and services, independent of the donor cycle or the vagaries of annual PSDP allocations. They are not untested. In 2021, WAPDA raised USD500 million through a Green Eurobond, oversubscribed six times. More recently, the Parwaaz Green Action Bond raised Rs1 billion with a strong AA–rating, while the federal government's Green Sukuk in May 2025 brought in Rs32 billion, testifying to strong investor appetite. Pakistan's Islamic finance market, which is estimated to hold Rs7 trillion in deposits (close to 20 percent of the banking network), is waiting for innovation. The Water Bonds, in the name of green sukuks, can exploit this resource pool and provide 10–12 percent yields while conforming to ethical investment paradigms. They can be traded on home exchanges and can appeal to pension funds, insurance, and even microfinance institutions. The diaspora dividend Arguably, the most promising and emotionally resonant source of capital lies in the Pakistani diaspora. Remittances totaled USD35 billion in FY2025, and the Roshan Digital Account (RDA) mobilized over USD10 billion in just a few years. Overseas Pakistanis have shown that they are willing to invest if credible, transparent, and purpose-driven instruments exist. Green Diaspora Water Sukuk issued in dollars, pounds, or euros would potentially raise USD250–500 million if only 2–3 percent of RDA investors buy in. Such bonds could fund filtration plants, desalination facilities, rainwater harvesting, and pipeline improvements in the very towns where their loved ones live. Picture a Pakistani doctor in the United States funding a desalination plant back in his hometown in Sindh—it would not only provide him 6–8 percent returns but ensure that future generations also drink clean water. With sovereign backing, ESG reporting, and zakat-associated functionalities, such bonds could blend moral responsibility with financial sense. These diaspora flows could unlock matching contributions from development institutions such as the World Bank, the Islamic Development Bank, or the IFC, much like ADB's recentUSD500 million commitment for water resilience. Making it work: a phased roadmap But it won't happen without a phased, strategic roadmap. A Rs100 billion pilot bond in 2025 would aim for low-hanging fruit: wastewater treatment (national efficiency <1 percent) and flood irrigation and unlined channels (up to 60 percent loss of applied water). In 2026–27, scaling could be Rs 560 billion for storage, urban networks, and flood control. By 2030, an additional Rs400–580 billion could be spent on precision agriculture, desalination, and AI-based metering. These initiatives would need to be aligned with the existing water-sector project in the PSDP, worth Rs424 billion but stalled because not adequately funded. Transparency, not just tranches Naturally, finance alone is not a panacea. Diaspora and private investors need reassurance. Transparency must be ingrained through blockchain-powered audit trails, third-party audits, and exchange listing on the Pakistan Stock Exchange. Volumetric water pricing against cross-subsidies, sovereign guarantees, and municipal-level credit enhancements will be imperative. The Council of Common Interests must be empowered to offer interprovincial oversight and break political impasses. Although Pakistan's credit rating is a concern, Fitch's upgrade in the near term and IMF criteria hold promise. The OECD's Asia Capital Markets Report 2025 points to unprecedented growth in sustainable bonds but cites challenges in new markets such as Pakistan, such as regulatory barriers and investor awareness, underlining the imperative for sound frameworks. A bond for our future Our water shortage is reality. But so is our capacity for innovation. We have capital. We have policy frameworks. What we lack is urgency and vision. Water Bonds provide something beyond dollars. They provide a trustworthy, long-term financing tool to pay for the singular most important determinant of our survival: water. Let's not wait for the next flood, the next drought to teach us lessons we know all too well. The moment to act is today. Let's construct our water future, bond for bond, drop for drop. Copyright Business Recorder, 2025

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store