ISLAMABAD: World Bank Country Director Najy Benhassine met Pakistan’s Interior Minister Mohsin Naqvi on Thursday to discuss collaborative efforts to address the growing smog crisis and improve access to clean water and sanitation in urban areas, an official statement said
The smog issue has become a pressing environmental and public health concern in Pakistan, particularly in Punjab’s major cities such as Lahore, Multan and Faisalabad, where Air Quality Index levels reached hazardous levels this winter.
Even Islamabad, which has historically enjoyed better air quality, experienced the problem this year, highlighting the urgency to deal with the issue.
According to the interior ministry, the meeting concluded with an agreement to prepare an anti-smog plan for the federal capital through a joint team of the World Bank and the Capital Development Authority (CDA).
“We are ready to formulate an anti-smog strategy in consultation with the CDA,” Benhassine said, noting that a detailed report would be prepared to help identify the causes of the problem.
Meanwhile, Naqvi said the government was introducing Islamabad Water as a dedicated entity to address the city’s water and sanitation needs.
The minister also noted that clean water and sanitation were among the government’s key priorities.
The World Bank has long supported Pakistan in addressing urban challenges, from infrastructure development to disaster recovery.
In recent years, it has financed significant initiatives, including flood relief and housing projects, to aid vulnerable communities and improve urban resilience.
The collaboration on smog mitigation marks a new milestone, highlighting the growing recognition of air quality as a critical component of sustainable urban development.
World Bank to help Pakistan’s capital combat smog, improve water and sanitation
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World Bank to help Pakistan’s capital combat smog, improve water and sanitation
- Smog has become a pressing environmental and public health concern for Pakistan in winter
- World Bank and CDA plan to work together to prepare a report to identify causes of the problem
Pakistan regulator amends law to facilitate capital raising by listed companies
- The amendments address challenges faced by listed companies when raising further capital from existing shareholders through a rights issue
- Previously, listed companies were prohibited from announcing a rights issue if the company, officials or shareholders had any overdue amounts
KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has notified amendments to the Companies (Further Issue of Shares) Regulations 2020 to facilitate capital raising by listed companies while maintaining adequate disclosure requirements for investors, it announced on Monday,
The amendments address challenges faced by listed companies when raising further capital from existing shareholders through a rights issue. Previously, listed companies were prohibited from announcing a rights issue if the company, its sponsors, promoters, substantial shareholders, or directors had any overdue amounts or defaults appearing in their Credit Information Bureau (CIB) report.
This restriction constrained financially stressed yet viable companies from raising capital, even in circumstances where existing shareholders were willing to support revival, restructuring, or continuation of operations, according to the SECP.
“Under the amended framework, the requirement for a clean CIB report will not apply if the relevant persons provide a No Objection Certificate (NOC) regarding the proposed rights issue from the concerned financial institution(s),” the regulator said.
The notification of the amendments follows a consultative process in which the SECP sought feedback from market stakeholders, including listed companies, issue consultants, professional bodies, industry associations, law firms, and capital market institutions.
The amendments are expected to enhance market confidence, improve access to capital for listed companies, and strengthen transparency within the rights issue framework, according to the SECP.
“To ensure transparency and protect investors’ interests, companies in such cases must make comprehensive disclosures in the rights offer document,” the regulator said.
“These disclosures must include details of any defaults or overdue amounts, ongoing recovery proceedings, and the status of any debt restructuring.”
The revised regulations strike an “appropriate balance” between facilitating corporate rehabilitation and enabling investors to make informed investment decisions, the SECP added.
