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.

The $20 billion pledge will be critical in addressing the nation's development challenges, supporting immediate and long-term economic stability and growth goals. The World Bank has pledged to provide $40 billion to Pakistan under the 10-year Country Partnership Framework (CPF), according to sources in Ministry of Economic Affairs.

According to the World Bank's assessment, the planning framework "will help shield the programme from the country's volatile polity and frequent swings in priorities and requests that follow government changes.