Pakistan's prime minister on Wednesday welcomed a first-of-its-kind agreement with the World Bank for a plan to focus $20 billion in lending to the cash-strapped nation over the coming decade on development issues like the impact of climate change as well as boosting private-sector growth.

In a post on the X platform, Shehbaz Sharif said the agreement, called the Country Partnership Framework for Pakistan or CPF "reflects the World Bank's confidence in Pakistan’s economic resilience and potential".

The deal, which begins in 2026 under its Country Partnership Framework, is to help address the impoverished country's acute development challenges

The World Bank has announced it will supply $20 billion to Pakistan over the next decade to help the country tackle climate change and development challenges that hinder growth, aiming for inclusive and sustainable development.