World Bank refuses 102 million dollar loan to Pak

Lahore, July 29 (ANI): The World Bank (WB) has refused to grant a loan of 102 million dollars to Pakistan.

Sources said the refusal came after the government failed to meet certain requisite conditions necessary for disbursement of loan by the World Bank.

According to the Daily Times, the amount was supposed to be spent for providing telecommunication services in rural areas across Pakistan.

After the refusal, the Universal Service Fund Committee has agreed to provide funds for the project.

The WB has also delayed the approval of a 100 million dollar loan for the Higher Education Commission until 2010. (ANI)