Pakistan - Punjab Tourism for Economic Growth Project

IDA Credit:  $50 million equivalent Terms : Maturity = 38 years; Grace = 6 years Project ID : P158099

Project description : This project will provide $50 million to strengthen institutions, increase private sector participation, and improve infrastructure to support the tourism sector in Punjab province. 

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Punjab Tourism for Economic Growth Project (PTEGP)

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Our Partnership .

Punjab Tourism for Economic Growth Project (PTEGP) is an initiative under the Government of Punjab (Planning & Development Board) in collaboration with the World Bank Group. The purpose is the skills development of the workforce in the tourism industry/sector to cover the gap between demand and supply of skilled workforce and provide economic opportunities.

PSDF and PTEGP have signed a MOU (Memorandum of Understanding) to train 10,000 individuals in the hospitality sector. Through this partnership the skillsets of workers in Punjab’s tourism industry will be developed and upgraded. Both PTEGP and PSDF will work together to promote this partnership amongst key stakeholders in the tourism industry.

PTEGP will finance the trainings and support in raising awareness on the project’s goals amongst relevant parties needed to safeguard its success.

A thriving tourism sector is essential for boosting Pakistan’s economy and a well-trained workforce plays a critical role in attracting and creating an eco-system that meets international standard customer experience for tourists visiting the country.

Partnership with PSDF .

The United Nations Children’s Fund (UNICEF) and the Punjab Skills Development Fund (PSDF) signed a partnership agreement in December 2020, to initiate a research and development project in support of adolescent and youth education, skills development and job placement as part of the ‘Generation Unlimited’ partnership in Pakistan.

This agreement will help in researching, designing and pre-testing an accelerated and cost-effective ‘Non-Formal Education to Job Placement’ model to help improve the skills and employability of the most vulnerable and economically, socially disadvantaged adolescents and youth. It targets adolescents and young people who have never attended formal education or who dropped out of the formal education system without achieving primary school competencies, and who do not have access to education and economic opportunities.

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Reimagining Multilateralism: Africa’s path to economic liberation

Opinion columnists.

The world needs an inclusive financial system that works for all countries

OPN Africa

Last June, during French President Emmanuel Macron’s Summit for a New Global Financing Pact in Paris, Kenyan President William Ruto warned that the World Bank and the International Monetary Fund are “hostage” to the world’s wealthiest countries and unable to meet the development challenges facing the Global South.

More than any other region, Africa has borne the brunt of the dysfunction embedded in the world’s financial architecture. Despite decades of engagement with the Bretton Woods system, the continent suffers stubbornly high unemployment and poverty rates, even as living standards have improved elsewhere in the developing world.

The latest reform push for the Bretton Woods institutions creates an opportunity to build a more inclusive global financial system that matches Africa’s aspirations, accelerates the transition to a net-zero world, and advances development objectives more broadly.

Such a transformation has become essential as the world economy contends with the mounting effects of climate change, and as major geopolitical shifts threaten to accelerate global fragmentation.

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Africa has long been in a vulnerable position within the multilateral system, owing to a constellation of destabilising forces and policies. The asymmetry of subsidies, which powerful countries with greater fiscal space are more able to deploy, has been a significant constraint on the ability of African countries to diversify sources of growth and competitiveness.

The developed world’s recent embrace of industrial policy in response to the escalating climate crisis and volatility of global supply chains is a clear example of this.

Moreover, financial repression, in conjunction with a chronic technological deficit, has further curtailed African countries’ economic development and limited their participation in global value chains to providing raw materials.

Exposure to global volatility

Given the growing role in global trade of intermediate and manufactured goods with higher technological content, the stickiness of the colonial development model of resource extraction has been very costly for Africa, inexorably shrinking its share of global trade and exacerbating its exposure to global volatility and recurring balance-of-payment crises.

Multilateralism has thus failed to narrow the prosperity gap between Africa and the rest of the world. Africa’s share of world trade has declined steadily over the last few decades, falling from around 5% in the 1970s to less than 3% in 2022.

And even though the continent accounts for around 17% of the global population, it is home to more than 60% of the world’s extreme poor — which could rise to 90% by 2030, according to the World Bank. By contrast, countries in Asia have capitalised on labour-intensive, export-led development models to narrow the income gap with advanced economies and lift hundreds of millions of people out of poverty.

Africa’s chronically insufficient infrastructure has also widened the global digital divide, which poses a further impediment to development, because technology has overtaken organisational change as the primary driver of economic growth.

In the US, for example, the tech sector contributed nearly $2 trillion to GDP in 2022, accounting for 9.3% of total output. By contrast, nearly 70% of Africa’s population does not have broadband internet access, and persistent policy constraints, most notably shrinking fiscal space, make it almost impossible to build more robust infrastructure.

As a result, African countries have been unable to reap digital dividends in the form of higher productivity, faster growth, and expanded employment opportunities.

While no single entity is solely responsible for Africa’s dire situation, it is fair to say that the continent’s sustained engagement with the Bretton Woods institutions has narrowed African countries’ economic policymaking capacity to the management of balance-of-payments crises. Africa’s international partners have done nothing to promote industrialisation on the continent.

Economic-development ladder

In their rush to promote free markets and trade liberalisation, the Bretton Woods institutions failed to consider African countries’ individual circumstances and their positions on the economic-development ladder when prescribing austerity measures.

Ongoing efforts by the World Bank to boost its lending, together with the recent decision to increase IMF quotas by 50% are steps in the right direction. But more must be done to create an inclusive global financial system that works for all countries and builds climate resilience.

Such a system must address the twin problems that prevent Africa, and the Global South more generally, from devising solutions to new development challenges: financial repression and a chronic technological deficit.

In today’s “polycrisis” world, ensuring that all countries have access to green technology and affordable financing will be essential to providing hope to all who aspire to a fair share of global prosperity. — Project Syndicate

Hippolyte Fofack, a former chief economist and director of research at the African Export-Import Bank, is a research associate at the Harvard University Center for African Studies.

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Punjab budget 2024 highlights: fm cheema presents rs 2 lakh crore budget for fy25.

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Punjab Budget 2024 Highlights: Punjab Finance Minister Harpal Cheema unveiled a state budget exceeding Rs 2 lakh crore for FY25 in the Assembly. Notably, Rs 13,784 crore is allocated for agriculture, with a focus on health and education. Under AAP leadership, over 40,000 jobs were created. Additionally, the budget estimates over Rs 1 lakh crore revenue collection. Proposals include One River One Fish Farming Program and online integration of mandis with rice mills to regulate grain procurement.

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Punjab Budget Highlights 2024: State registered growth of 9.4%

Punjab budget highlights 2024: universities get over rs 1,400 crore, punjab budget highlights 2024: govt makes rs 9,330 crore provision for free electricity, punjab budget highlights 2024: start of the school of happiness, punjab budget highlights 2024: proposal for school of applied learning, punjab budget highlights 2024: establishment of school of brilliance in 100 govt schools, punjab budget 2024 highlights: over rs 1 lakh crore revenue collection estimated, punjab budget 2024 highlights: proposal for one river one fish farming program, punjab budget highlights 2024: initiation of online integration of mandis with rice mills, punjab budget highlights 2024: 40,000 jobs provided in 2 years, read more news on.

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IMAGES

  1. Punjab Tourism for Economic Growth Project

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  2. Punjab kickstarts Tourism for Economic Growth Project

    punjab tourism for economic growth project world bank

  3. Punjab Tourism launches economic growth project

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  4. Punjab Tourism for Economic Growth Project Jobs Procurement Assistant

    punjab tourism for economic growth project world bank

  5. Record Keeper jobs in Lahore at Punjab Tourism For Economic Growth

    punjab tourism for economic growth project world bank

  6. Punjab approves "Tourism for Economic Growth"

    punjab tourism for economic growth project world bank

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  1. The Richest Countries in the World 1820

COMMENTS

  1. PK: Punjab Tourism for Economic Growth Project

    The development objective of the Punjab Cultural and Heritage Tourism Project for Pakistan is to strengthen institutional capacity, increase private sector participation and improve infrastructure services in support of the tourism sector in the Province of Punjab. The Project will have four components: (i) policy, institutions and governance ...

  2. Punjab Tourism for Economic Growth Project

    About Us. Government of Punjab, Planning & Development Board in collaboration with World Bank Group (WBG) and multiple implementing agencies is implementing Punjab Tourism for Economic Growth (PTEG) Project with the total project cost of USD 55 million over five years (30th April 2023). The project aims to promote the tourism sector by ...

  3. PDF Punjab Tourism for Economic Growth Project

    Punjab Tourism for Economic Growth Project The World Bank Group is supporting the Government of Punjab's (GoPb) initiative on strengthening the tourism sector through the Punjab Tourism for Economic Growth Project. The GoPb recognizes the immense untapped economic potential of the tourism sector. It further acknowledges that to realize this

  4. Pakistan

    Pakistan - Punjab Tourism for Economic Growth Project. March 15, 2017. IDA Credit: $50 million equivalent. Terms: Maturity = 38 years; Grace = 6 years. Project ID : P158099. Project description: This project will provide $50 million to strengthen institutions, increase private sector participation, and improve infrastructure to support the ...

  5. Punjab Tourism for Economic Growth Project

    The Punjab Tourism for Economic Growth Project of World Bank Group (WBG) was a five (5) year project to assist the Government of Punjab (GoPb) in its 5- Year Medium Term Growth Framework which is aimed to optimally exploit the potentials of Recreational, Adventure, Cultural, Historical and Heritage Tourism. This 50 USD million project of the ...

  6. Project Overview

    Punjab Tourism for Economic Growth Project is a five year project being implemented in collaboration with World Bank. The total funding of the Project is 55 Million USD with World Bank contribution of USD 50 million over five years under project investment lending mode. The project has been negotiated with World Bank on 06th-7th February, 2017 ...

  7. PDF Public Disclosure Authorized

    The World Bank Implementation Status & Results Report PK: Punjab Tourism for Economic Growth Project (P158099) 3/3/2021 Page 3 of 8 2. Institutional capacity and improvement the regulation regime: The TDCP Restructuring Plan will be prepared using the resources of PTEG project. The institutional set up of the DoT was streamlined by

  8. PDF On the Accounts of Punjab Tourism for Economic Growth Project (Ptegp

    The project, funded under the World Bank Loan No. 5982-PK, was approved at a cost of Rs 5,775.000 million with commencement date of 13.10.2017 and completion date of 30.06.2022. The PD, "Punjab Tourism for Economic Growth Project" is maintaining US$

  9. PDF World Bank Document

    The World Bank Implementation Status & Results Report PK: Punjab Tourism for Economic Growth Project (P158099) 12/22/2017 Page 3 of 8 Public Disclosure Copy Public Disclosure Copy Value 0.00 0.00 0.00 7.00 Date 30-Nov-2016 16-Jun-2017 16-Jun-2017 30-Jun-2022 PHINDPDOTBL Amount of private, tourism-related investment facilitated (Amount(USD), Custom)

  10. PDF Public Disclosure Authorized

    The World Bank Implementation Status & Results Report PK: Punjab Tourism for Economic Growth Project (P158099) 4/3/2020 Page 2 of 7 Since the project Mid Term Review (MTR) in September 2019, the project has disbursed US$5 million bringing total disbursement to US$8.8 million (17 percent) of its allocated financing.

  11. PDF FINANCIAL ATTEST AUDIT REPORT ON THE ACCOUNTS OF PUNJAB ...

    Punjab Tourism for Economic Growth Project (PTEGP) 1. International Bank for Reconstruction and Development (IBRD) 11. Government of the Punjab Planning & Development Department Project Management Unit Punjab Tourism for Economic Growth Project IDA 5982-PK PKR 5,775 million 13th October, 2017 30th June 2022 ' 26th July, 2017 30th April, 2023

  12. Ptegp

    Punjab Tourism for Economic Growth Project (PTEGP) is an initiative under the Government of Punjab (Planning & Development Board) in collaboration with the World Bank Group. The purpose is the skills development of the workforce in the tourism industry/sector to cover the gap between demand and supply of skilled workforce and provide economic ...

  13. Messages

    The World Bank Group, as a strategic development partner of the Government of Punjab under the Country Partnership strategy, has been extending support to the Planning and Development Board to implement the Punjab Tourism for Economic Growth Project.Underneath the domain of the Project for the first time ever, a tourism policy of Punjab will be ...

  14. PDF World Bank Document

    The World Bank Implementation Status & Results Report PK: Punjab Tourism for Economic Growth Project (P158099) 8/26/2020 Page 2 of 8 Since the project Mid Term Review (MTR) in September 2019, the project has disbursed US$5 million. The oversight and guidance provided by the

  15. PDF Key Dates Key Project Dates Public Disclosure Authorized

    The World Bank Implementation Status & Results Report PK: Punjab Tourism for Economic Growth Project (P158099) 9/12/2019 Page 2 of 7 In view of the Government of Pakistan's priority to tourism development, especially in view of the possibility of the economic growth the sector can

  16. About Us

    All Rights Reserved © 2018 Punjab Tourism for Economic Growth Project

  17. Government of Punjab Launches Punjab Tourism for Economic Growth Project

    The project launch ceremony was held at the newly restored Wazir Khan Mosque courtyard in the Walled City of Lahore. The launch ceremony marked the Planning & Development Department's five-year (2017-2022) collaboration with the World Bank Group to develop Punjab's tourism sector and subsequently increase overall economic growth.

  18. PDF The World Bank

    the world bank for official use only report no: pad2070 international development association project appraisal document on a proposed credit in the amount of (sdr36.8) million (us$50 million equivalent) to the islamic republic of pakistan for a pakistan: punjab tourism for economic growth project february 17, 2017

  19. PDF Punjab

    Punjab Tourism for Economic Growth Project of World Bank Group (WBG) is a five year project to assist the Government of Punjab (GoPb) in its 5- Year Medium Term Growth Framework which is aimed to optimally exploit the potentials of Recreational, Adventure, Cultural, Historical and Heritage Tourism. A good tourism program can contribute

  20. Punjab Government in Collaboration with World Bank Preserving Heritage

    The Punjab Government is also working on Punjab Tourism for Economic Growth Project (PTEG) with financial and technical support from the World Bank, to strengthen institutions, increase private sector participation, and improve infrastructure to support the tourism sector in Province. This initiative will help in maintaining historical ...

  21. Punjab Tourism for Economic Growth

    Punjab Tourism for Economic Growth Project is a five year project being implemented in collaboration with World Bank. The total funding of the Project is 55 Million USD with World Bank ...

  22. documents1.worldbank.org

    The World Bank Implementation Status & Results Report PK: Punjab Tourism for Economic Growth Project (P158099) PK: Punjab Tourism for Economic Growth Project (P158099) SOUTH ASIA

  23. Reimagining Multilateralism: Africa's path to economic liberation

    And even though the continent accounts for around 17% of the global population, it is home to more than 60% of the world's extreme poor — which could rise to 90% by 2030, according to the ...

  24. Punjab Budget 2024 announcements: Punjab Budget ...

    Punjab Budget 2024 Highlights: Punjab Finance Minister Harpal Cheema unveiled a state budget exceeding Rs 2 lakh crore for FY25 in the Assembly. Notably, Rs 13,784 crore is allocated for agriculture, with a focus on health and education. Under AAP leadership, over 40,000 jobs were created. Additionally, the budget estimates over Rs 1 lakh crore revenue collection. Proposals include One River ...

  25. Disclosable Version of the ISR

    The World Bank's digital platform for live-streaming WHO WE ARE With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries.