The World Bank provided a grant of 500 million U.S. dollars to Afghan government to support its efforts to stimulate growth and ensure service delivery in the war-torn country, said a bank statement issued here Wednesday.
"The approval of new grants confirms the World Bank Group's strong commitment to the people ofAfghanistanin helping them overcome the daunting development challenges facing the country," Shubham Chaudhuri, World Bank country director for Afghanistan, was quoted in the statement as saying.
"Despite steady and encouraging progress by the government in several areas -- including institutional reforms, revenue generation, provision of basic services in health, education, and rural access sectors -- much more needs to be done to improve economic growth and prosperity." he said.
The new funding, approved by the Board of Executive Directors, aims to support efforts of the government of Afghanistan to stimulate growth and ensure service delivery during a time of uncertainty when risks to the economy are significant, the statement added.
"The package will help Afghanistan with refugees, expand private-sector opportunities for the poor, boost the development of five cities, expand electrification, improve food security, and build rural roads," according to the statement.
The statement noted that the financing included grants from the International Development Association (IDA), the World Bank's fund for the poorest countries, as well as contributions from the Afghanistan Reconstruction Trust Fund (ARTF), managed by the World Bank) and from other partners, including Denmark,GermanyandJapan.