Pakistan and the World Bank have signed an agreement under which the bank will extend $ 46 million soft term loan to Pakistan for financing land record management system project in the Punjab province. The agreement 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 US $ 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 modernized 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. The project will computerize 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 the new land records management system, is another important intervention of the project.
