World Bank ready to fund IPI project

Notwithstanding US reservations over the Iran-Pakistan-India gas pipeline, the World Bank has described it as a win-win deal and expressed its readiness to fund the $7 billion project.

Evincing interest in financing the project, World Bank's Vice President Praful Patel told reporters here that the Bank has not been approached by Pakistan to this effect formally or informally but the Bank was ready to fund it if approached.

"The IPI gas pipeline project is a win-win project for Pakistan and India besides being good and quite feasible in catering the energy needs of Pakistan and India," he said.

The Bank would give a serious consideration to finance it if approached, he said. Top US officials have time and again expressed strong objections over the project.

Patel said if the IPI project materialised Pakistan would also get the transit fee annually from India, which would play a pivotal role in strengthening its economy.

He said the Bank also supports the Turkmenistan-Afghanistan-Pakistan (TAP) gas pipeline project. "If Pakistan would come to ask for funding for any of the pipelines, the World Bank would seriously consider extending the funding".