ISLAMABAD:  The World Bank issued loans worth US $70.6 crore to Pakistan today. According to the State Bank of Pakistan, at least $706 million have been given for education while US $ 50 crore for privatization, business environment, increase in tax revenues and social security. Earlier, the bank had issued US $ 188 million for Guddu Barrage.

The loans aim at increase in safety and reliability of the project. The loan has been granted on standard International Development Association (IDA) terms thus it has a maturity of 25 years and a grace period of as many as five years.