Updated : Wednesday May 13 , 2009 10:13:09 PM
ISLAMABAD: The World Bank on Wednesday approved US$ 25 million IDA credit for Pakistan to help the country improve its trade and transport logistics.
According to a statement issued by the bank here said that the Second Trade and Transport Facilitation Project will provide technical advisory services to help implement the National Trade Corridor Improvement Program (NTCIP).
NTCIP is a comprehensive government programme designed to significantly cut the cost and time of exporting and importing goods.
The program encompasses services, infrastructure, reforms and investments in highways, trucking, ports and maritime transport, air transport, railways and trade facilitation.
World Bank Country Director for Pakistan Yusupha Crookes said that over the past decade, the government of Pakistan has done much to improve its trade procedures and logistics services.
"Further improvements will help boost, trade, strengthen economic growth and ultimately reduce poverty", he added.
Strong implementation of the NTCIP is vital to bring the quality of transport services to international standards adding that this project will provide an important analytical foundation necessary to execute the reform agenda and investments for this programme, he said.
He said Pakistan recognizes that transport and trade logistics efficiencies are necessary for economic growth and this was emphasized in the Government's Poverty Reduction Strategy for 2009-2011 which identifies removal of infrastructure bottlenecks as one of the key pillars of the strategy.
The objective is to make road transport services faster and more reliable to allow export companies to meet short deadlines by international buyers and to help railways regain their competitiveness against road transport in order to satisfy potential demand for freight transport.
The credit is also aimed to reduce port costs compared to other ports in the region; to facilitate customs procedures; and to make air transport capable of responding to the growth demand resulting from a growth economy.
He said that the project builds on the results achieved by the World Bank's first Trade and Transport Facilitation Project, which closed in 2006, and will extend efforts to streamline and integrate trade data exchange and strengthen cooperation between public and private sectors at regional, national and local level.
It will also assist Pakistan in the World Trade Organization negotiations on trade facilitation.
Jean-Noel Guillossou, World Bank senior Transport Economist and project co-team leader said that at the world level, as an integrated and well coordinated programme, NTCIP can be considered a best practice example of a corridor programme.
The NTC serves domestic needs and links Pakistan's main industrial centers and neighboring countries with international markets through the ports of Pakistan.
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