LAHORE: The Punjab government in collaboration with the World Bank is leading a new initiative, Pro­gra­mme-for-Results (P4R), to promote industrial growth in the province by improving business environment and facilitating the development of industrial clusters.

Presiding over an initial meeting with the World Bank Punjab-level jobs and competitiveness mission on Wednesday, Punjab’s planning and development department Chairman Irfan Elahi said the bank would provide $100 million funds for five years to implement the programme. The funds would be released by April 2016, he said.

He added that technical assistance from the World Bank would also help strengthen the recently established investment climate reform unit in the P&D department.

During the meeting, participants belonging to different institutions gave their suggestions before the World Bank mission and the Punjab government on the implementation plan of the programme.

The World Bank mission, according to the schedule, is starting visits from June 10 to 17 to different provincial departments and industrial estates to prepare and produce a comprehensive report on P4R.

The report would be tabled before the government in its wrap-up meeting.

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