ISLAMABAD - Government of Pakistan has signed a grant agreement of $9 million with the World Bank for “Competitive Industries Project in Khyber Pakhtunkhwa” to be funded under Multi Donor Trust Fund (MDTF) here on Tuesday.

The agreement was signed by Ms Nargis Sethi, Secretary Economic Affair Division on behalf of the Government of Pakistan, Sajid Khan Jadoon, Secretary Industry, on behalf of the Government of Khyber Pakhtunkhwa and Rachid Benmessaoud, Country Director World Bank on behalf of World Bank.

The agreement is in line with the present government policy of generating economic activities in all the federating units particularly Khyber Pakhtunkhwa to offset effects of the fight against militancy and extremism.

The project aims to improve the competitiveness of the marble and food processing sectors in KP by providing shared infrastructure and relevant skills along the marble sector value chain and by addressing knowledge and coordination gaps along the food processing sector value chain.

The economic benefits of the project’s investments will derive from a net increase in the economic value added, which will occur as a result of existing activities being undertaken at a higher productivity level, and also as a result of new activities that are expected to boost the overall productive capacity of the sectors.