The Asian Development Bank (ADB) announced on Monday that a $554 million financing package, including new and reallocated funds, had been approved to support recovery and reconstruction efforts in Pakistan following in the aftermath of devastating floods, and to strengthen the country’s disaster and climate resilience.
“The financing, which includes a $475m loan and a $3m technical assistance grant from the ADB, and a $5m 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,” the press release said.
“The ADB’s Emergency Flood Assistance Project will also incorporate climate and disaster resilience measures into the design of the infrastructure. ADB has repurposed an additional $71 million from existing loans to support the government’s flood-response efforts,” it added.
ADB Central and West Asia Director General Yevgeniy Zhukov said the floods were a “devastating reminder” of Pakistan’s acute vulnerability to climate change.
“This project will help to rebuild critical infrastructure in affected areas and restore rural livelihoods,” Zhukov said.
The ADB noted that Pakistan suffered unprecedented heatwaves from April to June, followed by the catastrophic flooding.
A post-disaster needs assessment conducted by the government and development partners, including ADB, estimated total...
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