WORLD ADB approves 554-mln-USD package for Pakistan's flood recovery efforts

WORLD

ADB approves 554-mln-USD package for Pakistan's flood recovery efforts

Xinhua

20:13, December 12, 2022

ISLAMABAD, Dec. 12 (Xinhua) -- The Asian Development Bank (ADB) has approved a 554-million-U.S. dollar financing package, including new and reallocated funds, to support recovery and reconstruction efforts in Pakistan, following this year's devastating floods, as well as to strengthen the country's disaster and climate resilience.

The financing will support the restoration of irrigation, drainage, flood risk management, on-farm water management, and transport infrastructure in Pakistan's flood-affected southwestern Balochistan, northwestern Khyber Pakhtunkhwa and southern Sindh province, the ADB said in a statement on Monday.

The ADB said its emergency flood assistance project will also incorporate climate and disaster resilience measures into the design of the infrastructure, adding that it has repurposed an additional 71 million U.S. dollars from existing loans to support the government's flood-response efforts.

After the unprecedented heat waves earlier this year, Pakistan suffered a prolonged and intense monsoon that led to the South Asian country's worst flooding in a century with glacial lakes bursting, riverbank collapse, flash floods and landslides, the statement said.

In October, ADB approved a 1.5-billion-U.S. dollar loan to support the government's provision of social protection, food security and employment, and to mitigate the adverse impact of cumulative external shocks, said the statement.

The program partly contributes to the flood response, given that a portion of the program beneficiaries are also flood victims, according to the ADB.


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