World Bank lends $50 mln to Pakistan for irrigation

KARACHI (Reuters) - The World Bank will lend $50 million to Pakistan to improve water resource management and boost agricultural productivity in the southeastern province of Sindh, the bank said in a statement received on Wednesday.

"Irrigation and drainage are critically important to Sindh's irrigated agriculture, which is the backbone of the economy," said Yusupha Crookes, the bank's director for Pakistan.

About half of Sindh's 35 million people live in rural areas, and they rely on agriculture for nearly 60 percent of their income, according to the World Bank.

The project is meant to improve the efficiency, reliability and equity of distribution of irrigation water, the bank said, adding that around 3,000 watercourses will be upgraded.

It did not say when the 35-year loan would be disbursed.

Last week, the Asian Development Bank said it would lend $500 million to Pakistan to promote its economic stability and help fund a safety-net programme for the poor.

Mired in recession, Pakistan is being kept afloat by a $7.6 billion loan from the International Monetary Fund (IMF).