Economy

Asian Development Bank approves $ 553 million dollars Flood Assistance for Pakistan

Asian Development Bank (ADB) approved $554 million financing package
Government of Japan to provide $5 million 
Aid is for flood affected areas of Balochistan, Khyber Pakhtunkhwa, and Sindh 

 

The Asian Development Bank (ADB) approved $554 million financing package, including new and reallocated funds, has been approved to support recovery and reconstruction efforts in Pakistan following this year’s devastating floods, and to strengthen the country’s disaster and climate resilience.

The allocation of funds are for $475 million loan and a $3 million technical assistance grant from the Asian Development Bank (ADB), and a $5 million grant from the Government of Japan, will support the restoration of irrigation, drainage, flood risk management, on-farm water management, and transport infrastructure in the flood-affected provinces of Balochistan, Khyber Pakhtunkhwa, and Sindh.ADB has repurposed an additional $71 million from existing loans to support the government’s flood-response efforts.

The Asian Development Bank (ADB) stated,” A post-disaster needs assessment conducted by the government and development partners, including ADB, estimated total damage and losses at more than $30 billion and recovery and reconstruction needs at $16.3 billion”.

Funded through the Japan Fund for Prosperous and Resilient Asia and the Pacific, the $5 million grant will support staple crop cultivation in Balochistan and provide at least 60,000 farm households with higher quality, certified rice seeds for increased productivity over 54,000 hectares of land.

The grant will also support women’s livelihoods in agriculture by providing farming equipment.The $3 million technical assistance grant will support the implementation of the project and the preparation of an ensuing flood risk management investment.

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