Pakistan and the World Bank here on Wednesday signed an agreement under which the bank will extend $46 million soft term loan to Pakistan for financing land record management system project in Punjab.
The accord was signed by M. Akram Malik, Secretary Economic Affairs Division (EAD), on behalf of the government of Pakistan, by Shahid Mahmood, Secretary, Planning and Development, on behalf of the government of the Punjab, and by John W. Wall, Country Director of the World Bank.
The project aims to improve land record service delivery in Punjab over a period of five years.
According to the agreement $46 million is a soft-term loan which is repayable in thirty five years with grace period of ten years with commitment charges at the rate of 0.75 percent.
It will undertake improvement in the institutional capacity for the effective management and administration of a modernised land record system, review, changes to legislative, policy and procedural instruments for the operation of service centres, and the development of a linkage between the land records systems and the registration of deeds system.
More importantly, the project will computerise land records system in the participating districts raising public awareness by consulting with stakeholders.
An information and education campaign, to encourage public participation and usage of t he new land records management system, is another important intervention of the project.
Speaking on the occasion Secretary EAD, M. Akram Malik thanked World Bank for its support to Punjab land record management system project.
He also appreciated the contribution of the outgoing Country Director of the World Bank John W Wall during his tenure for the economic development of Pakistan.
The contribution of Wall will long be remembered, he remarked.
John W Wall, who is relinquishing his charge as Country Director from Thursday, appreciated the economic policies of the country.
He said that the Punjab Land Record project would help revolutionise land market in Pakistan and also create investment opportunities in the agriculture sector.
Later, talking to newsmen, Wall also lauded the government of Pakistan for enhancing its spending for social sector development including health and education in the country.