World Bank allocated $482.3 million to Afghanistan to alleviate poverty

Almaty. July 13. Silkroadnews – The World Bank has allocated $482.3 million in grants to Afghanistan to alleviate poverty, MENAFN portal wrote.
“The Ministry of Finance of Afghanistan signed a financing package of 482.3 million in grants with the World Bank to help the country alleviate poverty. The World Bank assistance will be aimed to support communities with refugees, expand private-sector opportunities for the poor, boost development of five cities, expand electrification, improve food security and build rural roads”, report said.
The financing, as noted, includes grants from the International Development Association (IDA), the World Bank’s fund for the poorest countries, and contributions from the Afghanistan Reconstruction Trust Fund (ARTF) managed by the World Bank on behalf of 34 donors. All the funds are to be allocated through the national budget with maximum transparency and efficiency.
The allocated $482.3 million consists of seven grants: $172 million from IDA and $44.3 million from ARTF will be used to support communities of internally displaced persons and those who returned from Pakistan. $100 million will go to support reforms expanding access to economic opportunities for vulnerable groups of population and contribute to private sector’s development. $20 million will be used for urban development. Another $60 million will go to electrification project in the province of Herat to provide access to electricity for households, institutions and businesses within selected areas. Around $20.3 million will be allocated to implement the project to create strategic wheat reserves and improve the efficiency of grain storage management. $105 million will be spent to help rural communities to gain access to all-season roads. $5 million will be used to ensure women’s access to economic assets and opportunities.