logo
World Bank sanctions $108m to Pakistan for women empowerment projects

World Bank sanctions $108m to Pakistan for women empowerment projects

Hindustan Times29-04-2025

The World Bank has sanctioned additional funding of USD 108 million for improving the lives of women and girls by enhancing their access to essential services and economic opportunities in Khyber Pakhtunkhwa province in northwest Pakistan.
The Pakhtunkhwa Integrated Tourism Development (KITE) and the Khyber Pakhtunkhwa Rural Accessibility Project (KPRAP) have an estimated value of USD 30 million and USD 78 million respectively.
Also read | 8 Pakistani workers killed by Baloch militants in Iran's Sistan-Baluchestan province
According to a release from the World Bank, the funding has been granted to help both projects accomplish their goals of increasing access to markets, jobs, and health and education services in a way that increases the province's resilience to natural catastrophes.
The USD 78 million in additional financing for the KPRAP will focus on providing safe and climate resilient road infrastructure, by upgrading and rehabilitating rural roads, thereby improving access to services including schools, health facilities, and markets.
'The project is crucial for improving the lives of people in the province, particularly women and girls, by enhancing their access to essential services and economic opportunities,' said Muhammad Bilal Paracha, Task Team Leader for the project.
Also read | Pakistan charges Baloch activist with 'terrorism'
The USD 30 million in additional financing for the KITE will help enhance the province's tourism sector by completing the rehabilitation of two roads that will improve access to the province's pristine tourist spots in the vicinity.
'This additional financing underscores the World Bank's commitment to supporting Pakistan's and Khyber Pakhtunkhwa province's development goals,' Paracha said.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Blocking of Strait of Hormuz may impact India's energy procurement: Experts
Blocking of Strait of Hormuz may impact India's energy procurement: Experts

Business Standard

time16 minutes ago

  • Business Standard

Blocking of Strait of Hormuz may impact India's energy procurement: Experts

Any blocking or disruption of traffic through the Strait of Hormuz -- a narrow passage connecting the Persian Gulf to the Arabian Sea -- will have significant global and regional impact, including for India's energy security, strategic affairs experts said on Sunday. Following the US bombing of three major Iranian nuclear sites, Tehran has indicated that closing the Strait of Hormuz for shipping is one of the options on the table to pressure its adversaries. Nearly 30 percent of global oil and a third of the world's LNG (liquefied natural gas) passes through the strait daily and its closure would immediately reduce global supplies triggering a spike in prices, they said. The closure of the narrow passage would have significant global repercussions across energy markets and it will impact India's energy security as well, Dr Laxman Kumar Behera, Associate Professor at Special Centre for National Security Studies at the Jawaharlal Nehru University, told PTI. Behera said any disruption in the critical shipping lane will majorly impact India's crude oil import from Iraq and to an extent from Saudi Arabia. Captain D K Sharma (retd), a former Indian Navy spokesperson who closely follows developments in the Gulf region, said Iran's threat to block the Strait of Hormuz could lead to significant disruptions in global oil trade. Any disruption in shipping traffic could impact insurance premiums, causing costlier rerouting of oil shipments, he argued. "Oil prices are expected to surge due to the increased tensions in the region, with some analysts predicting prices to reach USD 80-USD 90 per barrel or even USD 100 per barrel if Iran responds with retaliatory measures," he noted. Sharma also said that the currencies of the countries in the region may experience significant volatility, and investors may look for other stable markets. According to a recent analysis by the International Energy Agency, even a brief disruption of passage through the Strait of Hormuz will have a significant impact on oil markets. "With geopolitical and economic uncertainties affecting oil producers and consumers alike, oil supply security remains high on the international energy policy agenda," it said. The US on Sunday morning bombed three major nuclear sites -- Fordow, Natanz and Isfahan -- in Iran, bringing itself into the Israel-Iran conflict Later, President Donald Trump said the Iranian nuclear sites were "totally obliterated". Behera said Iran will also face economic consequences if it shuts down the Hormuz strait as such a move will severely cripple Tehran's exports. Since the start of Iran's hostilities with Israel, Iranian officials have spoken about the possibility of shutting the Strait of Hormuz. Mohammad Javad Hosseini, the deputy chief of mission at the Iranian embassy, on Friday said closing the Strait of Hormuz is an option. "We have many things on the table, but it doesn't mean that we are going to do it now. It depends on the situation and how the other players want to go. If they want to solve the problem, definitely some of these things will be put aside," he said.

Would you hail 'robotaxi'? Musk bets cabs will give Tesla lift after boycotts, sales plunge
Would you hail 'robotaxi'? Musk bets cabs will give Tesla lift after boycotts, sales plunge

Time of India

time28 minutes ago

  • Time of India

Would you hail 'robotaxi'? Musk bets cabs will give Tesla lift after boycotts, sales plunge

Elon Musk promised in 2019 that driverless Tesla "robotaxis" would be on the road "next year," but it didn't happen. A year later, he promised to deliver them the next year, but that didn't happen either. Despite the empty pledges the promises kept coming. Last year in January, Musk said, "Next year for sure, we'll have over a million robotaxis." Would you settle for 10 or 12? Musk appears to be on the verge of making his robotaxi vision a reality with a test run of a small squad of self-driving cabs in Austin, Texas, starting Sunday. Reaching a million may take a year or more, however, although the billionaire should be able to expand the service this year if the Austin demo is a success. The stakes couldn't be higher, nor the challenges. While Musk was making those "next year" promises, rival Waymo was busy deploying driverless taxis in Los Angeles, San Diego, Austin and other cities by using a different technology that allowed it to get to market faster. It just completed its 10 millionth paid ride. Boycotts related to Musk's politics have tanked Tesla's sales. Rival electric vehicle makers with newly competitive models have stolen market share. And investors are on edge after a USD 150 billion stock wipeout when Musk picked a social media fight with a US president overseeing federal car regulators who could make the robotaxi rollout much more difficult. The stock has recovered somewhat after Musk said he regretted some of his remarks. Tesla shareholders have stood by Musk over the years because he's defied the odds by building a successful standalone electric vehicle company - self-driving car promises aside - and making them a lot of money in the process. A decade ago, Tesla shares traded for around USD 18. The shares closed Friday at USD 322. Musk says the Austin test will begin modestly enough, with just 10 or 12 vehicles picking up passengers in a limited area. But then it will quickly ramp up and spread to other cities, eventually reaching hundreds of thousands if not a million vehicles next year. Some Musk watchers on Wall Street are sceptical. "How quickly can he expand the fleet?" asks Garrett Nelson, an analyst at CFRA. "We're talking maybe a dozen vehicles initially. It's very small." Morningstar's Seth Goldstein says Musk is being classic Musk: Promising too much, too quickly. "When anyone in Austin can download the app and use a robotaxi, that will be a success, but I don't think that will happen until 2028," he says. "Testing is going to take a while." Musk's tendency to push up the stock high with a bit of hyperbole is well known among investors. In 2018, he told Tesla stockholders he had "funding secured" to buy all their shares at a massive premium and take the company private. But he not only lacked a written commitment from financiers, according to federal stock regulators who fined him, he hadn't discussed the loan amount or other details with them. More recently, Musk told CNBC in May that Tesla was experiencing a "major rebound" in demand. A week later an auto trade group in Europe announced sales had plunged by half. Musk has come under fire for allegedly exaggerating the ability of the system used for its cars to drive themselves, starting with the name. Full Self-Driving is a misnomer. The system still requires drivers to keep their eyes on the road because they may need to intervene and take control at any moment. Federal highway safety regulators opened an investigation into FSD last year after several accidents, and the Department of Justice has conducted its own probe, though the status of that is not known. Tesla has also faced lawsuits over the feature, some resulting in settlements, other dismissed. In one case, a judge ruled against the plaintiffs but only because they hadn't proved Musk "knowingly" made false statements. Musk says the robotaxis will be running on an improved version of Full Self-Driving and the cabs will be safe. He also says the service will be able to expand rapidly around the country. His secret weapon: Millions of Tesla owners now on the roads. He says an over-the-air software update will soon allow them to turn their cars into driverless cabs and start a side business while stuck at the office for eight hours or on vacation for a week. "Instead of having your car sit in the parking lot, your car could be earning money," Musk said earlier this year, calling it an Airbnb model for cars. "You will be able to add or subtract your car to the fleet." Musk says Tesla also can move fast to deploy taxis now because of his decision to rely only on cameras for the cars to navigate, unlike Waymo, which has gone a more expensive route by supplementing its cameras with lasers and radar. "Tesla will have, I don't know," Musk mused in an conference call with investors, "99 per cent market share or something ridiculous." Given Waymo's head start and potential competition from Amazon and others, dominating the driverless market to that extent could be a reach. But Dan Ives, a Wedbush Securities analyst and big Musk fan, says this time Musk may actually pull it off because of Tesla's ability to scale up quickly. And even sceptics like Morningstar's Goldstein acknowledge that Musk occasionally does gets things right, and spectacularly so. He upended the car industry by getting people to buy expensive electric vehicles , brought his Starlink satellite internet service to rural areas and, more recently, performed a gee-whiz trick of landing an unmanned SpaceX rocket on a platform back on earth. "Maybe his timelines aren't realistic," Goldstein says, "but he can develop futuristic technology products."

Iran-Israel war escalation to impact India' s trade with West Asia, say experts
Iran-Israel war escalation to impact India' s trade with West Asia, say experts

Time of India

time43 minutes ago

  • Time of India

Iran-Israel war escalation to impact India' s trade with West Asia, say experts

Any further escalation of the ongoing war between Iran and Israel will have wider implications for India 's trade with West Asian countries, including Iraq, Jordan, Lebanon, Syria, and Yemen, say experts. They said that the war has already started impacting India's exports to Iran and Israel. The US attacked three sites in Iran early Sunday, inserting itself into Israel's war aimed at destroying the country's nuclear programme in a risky gambit to weaken a longtime foe that prompted fears of a wider regional conflict as Tehran accused Washington of launching "a dangerous war". by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Many Are Watching Tariffs - Few Are Watching What Nvidia Just Launched Seeking Alpha Read Now Undo "We are in for big trouble now because of this war. It will have a cascading effect on India's trade with West Asian countries," Mumbai-based exporter and founder chairman of Technocraft Industries India Sharad Kumar Saraf said. Saraf said that his company is also holding back consignments to both these countries. Technocraft Industries manufactures drum closures, nylon and plastic plugs, capseal closures, and clamps. Live Events "There will be a cascading effect of this war," he added. Another exporter said that the Indian traders community is already reeling under the impact of the Israel-Hamas conflict and involvement of Yemen-backed Houthis' attack on shipping vessels in the Red Sea. Due to that, shipping lines from India were taking consignments from the Cape of Good Hope, encircling the African continent. Now, because of the Iran-Israel war, another key trading route - the Strait of Hormuz - is getting affected. "This route will hit the movement of oil tankers. I have a feeling that oil tankers will find new routes but that will push crude oil prices. It will have implications on inflation as crude oil prices are the mother of all prices," Saraf said. Think tank Global Trade Research Initiative (GTRI) said that a wider regional escalation could threaten India's much larger trade with the broader West Asian region, including Iraq, Jordan, Lebanon, Syria, and Yemen, where Indian exports total USD 8.6 billion and imports stand at USD 33.1 billion. "Any disruption to shipping lanes, port access, or financial systems in this corridor would severely impact India's trade flows, inflate freight and insurance costs, and introduce fresh supply chain risks for Indian businesses," GTRI Founder Ajay Srivastava said. India's exports to Iran stood at USD 1.24 billion in FY2025, with key items including Basmati rice (USD 753.2 million), banana (USD 53.2 million), soya meal (USD 70.6 million), Bengal gram (USD 27.9 million), and tea (USD 25.5 million). Imports stood at USD 441.8 billion last fiscal. With Israel, India's exports stood at USD 2.1 billion and USD 1.6 billion in imports in 2024-25. He said that the ongoing US-Israel strikes on Iran and the threat of wider conflict could significantly disrupt this trade. Payment channels already strained by US sanctions may face further blockages, while heightened shipping risks in the Gulf could drive up insurance costs and delay shipments. "Perishable exports like rice, bananas, and tea are especially vulnerable. A prolonged conflict could dampen Iranian demand and squeeze Indian exporters, particularly in the agricultural sector," Srivastava said. GTRI said that a key concern is the potential disruption to the Strait of Hormuz, through which roughly 60-65 per cent of India's crude imports transit. "Any blockade or military escalation in this vital maritime corridor would severely impact India's energy security, drive up oil prices, and trigger inflationary pressures at home," it added. India enjoys deep historical, cultural, and economic ties with Iran, once a major crude oil supplier and views Iran's Chabahar Port as a strategic gateway to Afghanistan and Central Asia, providing crucial connectivity while bypassing Pakistan. Yet India also maintains robust relations with the US, Israel, and Gulf Arab states, each now directly or indirectly involved in the unfolding confrontation, Srivastava said. India's crude oil and half of its LNG imports pass through the Strait of Hormuz, which Iran has threatened to close. This narrow waterway, only 21 miles wide at its narrowest point, handles nearly a fifth of global oil trade and is indispensable to India, which depends on imports for over 80 per cent of its energy needs. The Strait of Hormuz, which lies between Iran to the north and Oman and the United Arab Emirates to the south, serves as the main route for oil exports from Saudi Arabia, Iran, Iraq, Kuwait, and the UAE. Many liquefied natural gas (LNG) shipments, especially from Qatar, also pass through the strait. According to the Delhi-based economic think tank, any closure or military disruption in the Strait of Hormuz would sharply increase oil prices, shipping costs, and insurance premiums, triggering inflation, pressuring the rupee, and complicating India's fiscal management. The present conflict that began with an attack on Israel on October 7, 2023, has brought cargo movement through Red Sea routes to a halt due to attacks by Houthi rebels on commercial shipping. Last year, the situation around the Bab-el-Mandeb Strait, a crucial shipping route connecting the Red Sea and the Mediterranean Sea to the Indian Ocean, escalated due to attacks by Yemen-based Houthi militants. Around 80 per cent of India's merchandise trade with Europe passes through the Red Sea, and substantial trade with the US also takes this route. Both these geographies account for 34 per cent of the country's total exports. The Red Sea Strait is vital for 30 per cent of global container traffic and 12 per cent of world trade. Based on the tariff war impact, the World Trade Organisation ( WTO ) has already said that global trade will contract 0.2 per cent in 2025 as against the earlier projection of 2.7 per cent expansion. India's overall exports had grown 6 per cent on year to USD 825 billion in 2024-25. This year it is expected to cross USD 900 billion. Snapping the two-month rising trend, India's exports declined by 2.17 per cent year-on-year to USD 38.73 billion in May due to a fall in petroleum goods' shipments.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store