Pakistan and the World Bank on Thursday signed agreements amounting to $432.7 million, which will support financial sector, social protection, community and small and medium enterprises (SME) development, livelihood and community infrastructure and services.

Economic Affairs Division Secretary Tariq Mahmood Pasha signed the agreements on behalf of the federal government while project agreements were signed by the representatives of Khyber Pakhtunkhwa and Federally Administered Tribal Areas (Fata).

Acting Country Director Anthony Cholst signed the agreements on behalf of the World Bank.

Welcoming the agreements, Finance Minister Ishaq Dar appreciated the bank’s support for the federal government’s endeavors to achieve sustainable and inclusive economic development of the country.

He said the government has taken a number of measures in line with its 4-Es manifesto that envisioned development of economy, energy, education and fight against extremism.

He particularly mentioned series of reforms undertaken by the government to improve macroeconomic stability and putting the economy on a higher growth trajectory.

Anthony Cholst said the agreements would strengthen the financial sector, bring about improvement in the Benazir Income Support Programme (BISP) and also contribute to economic development in different areas of Fata and KP.