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Pakistan poverty alleviation fund project

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Objective of the project is to alleviate poverty by improving access of rural and urban poor to economic resources and services

From YOUSAF RAFIQ
Special Correspondent, Islamabad
Sep 20 - 27, 1999

The World Bank and the Government of Pakistan on July 7, 1999, entered into an agreement for International Development Association (IDA) program assistance involving SDR 66.5 million. The main objective of the programme assistance is to alleviate poverty, and to increase incomes of the poor households by providing loans and technical assistance, increasing access of the poor to physical infrastructure and enhancing institutional capacity of NGOs and Community Organizations. The Pakistan Poverty Alleviation Fund Company (PPAFC) will be responsible for implementation of the programme.

Under the programme, the World Bank has agreed to extend a multi currency loan equivalent to SDR 66.5 million to Government of Pakistan. The loan is for a period of 34 years (inclusive a grace period of 10 years). The bank will not charge any interest on the loan but will receive a commitment fee on the principal amount not withdrawn at the rate not exceeding one half of one per cent per annum. The bank will also charge a service fee at the rate of three forth of one per cent per annum on the principal amount.