ISLAMABAD, Feb 28: The World Bank will provide $46 million loan to Pakistan on soft terms for financing the Land Record Management System project in Punjab.

The project aims at improving land record service delivery in Punjab over a period of five years.

An agreement to this effect was signed by World Bank Country Representative in Pakistan John W Wall, Economic Affairs Division (EAD) Secretary M Akram Malik, and Planning and Development Secretary Shahid Mahmood.

The $46 million soft-term loan will be payable in 35 years with a grace period of 10 years carrying commitment charges at the rate of 0.75 per cent.

It will undertake to improve the institutional capacity for effective management and administration of a modernised land record system; review changes to legislative, policy and procedural instruments for the operation of service centres; and develop a linkage between the land records systems and the registration of deeds system. More importantly, the project will computerise land records system in the participating districts, raising public awareness through consultation with stakeholders.

An information and education campaign aimed at encouraging public participation and usage of the new land records management system is another important feature of the project.

Speaking on the occasion, the Secretary EAD thanked the World Bank for its support to the project. He also appreciated the contribution of the outgoing country director of the bank, John W Wall, during his tenure for the economic development of Pakistan.The contribution of Mr Wall would long be remembered, he remarked.

John W Wall, who is relinquishing charge as country director March 1 (today), appreciated the economic policies of Pakistan.

He said the Punjab Land Record project would help revolutionise land market in Pakistan and create investment opportunities in the agriculture sector.