ISLAMABAD: The Asian Development Bank (ADB) and the Japanese government will provide $554 million financial assistance to Pakistan for recovery and reconstruction efforts in flood-affected areas and to strengthen the country’s disaster and climate resilience, Pakistani state media reported on Tuesday.
Pakistan witnessed the worst floods of its history earlier this year that submerged a third of the South Asian nation.
The deluges killed more than 1,700 people, affected 33 million and caused over $30 billion loss to the already frail South Asian economy.
The ADB and the Japanese government financing will support restoration of irrigation, drainage, flood risk management, on-farm water management and transport infrastructure in flood-hit areas of Balochistan, Khyber Pakhtunkhwa and Sindh provinces.
“The financing includes a 475 million dollars loan and a three million dollars technical assistance grant from the Asian Development Bank, and a five million dollars grant from the Government of Japan,” the state-run Radio Pakistan broadcaster reported, citing an ADB statement.
“The Asian Development Bank has repurposed an additional 71 million dollars from existing loans to support the government’s flood-response efforts.”
Pakistani officials have demanded the world compensate for the losses due to the floods, which many experts have blamed on climate change.
Pakistan, as Chair of the Group of 77 and China, galvanized support for the establishment of a “loss and damage” fund at COP27 summit in the Egyptian Red Sea resort of Sharm el-Sheikh.
Under the agreement, richer governments, whose large historic emissions have been the main driver of climate impacts, are expected to offer finance to back a “global shield” that would boost insurance coverage and early warning systems for poor countries.
