The Asian Development Bank (ADB) has approved a $554 million financing package for Pakistan flood victims.
The financing, which includes a $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’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,” the statement issued by the bank has stated.
“This year’s floods, which affected 33 million people and brought enormous damage to infrastructure and agriculture, are a devastating reminder of Pakistan’s acute vulnerability to climate change,” said ADB Director General for Central and West Asia Yevgeniy Zhukov.
“This project will help to rebuild critical infrastructure in affected areas and restore rural livelihoods,” he emphasized.
Torrential monsoon rains triggered the most severe flooding in Pakistan’s recent history. Hundreds of thousands of homes have been damaged or destroyed, while many public health facilities, water systems and schools have been destroyed or damaged. More than 33 million people have been affected by floods and flash floods in 94 districts.
