By Staff Reporter
ISLAMABAD/MANILA: The Asian Development Bank (ADB) has approved a $554 million financing package, including new and reallocated funds, to support the recovery and reconstruction efforts in Pakistan following this year’s devastating floods in the country.
The Emergency Flood Assistance Project will also be used to strengthen the country’s disaster and climate resilience infrastructure.
Package includes $475m from ADB, $3m TAG from Japan
The financing includes a $475 million loan and a $3 million Technical Assistance Grant (TAG) from Asian Development Bank, and a $5 million grant from the Japanese government. The amount will be used for the restoration of irrigation, on-farm water management, flood risk management, drainage, and transport infrastructure in the flood-hit areas of Balochistan, Khyber-Pakhtunkhwa, and Sindh provinces.
The ADB has also repurposed an additional amount of $71 million from existing loans to assist the government’s flood-response efforts.
