ADB announces $2.3-2.5b for flood affectees

F.P. Report

ISLAMABAD: The Asian Development Bank (ADB) on Wednesday announced it would provide aid of around $2.3-2.5 billion for relief operations in the wake of devastating floods that have caused catastrophic damage in Pakistan.

According to a press release issued by the Finance Division, the announcement was made during a meeting between Finance Minister Ishaq Dar and ADB Country Director for Pakistan Yong Ye. During the meeting, Ye congratulated the Dar on assuming office and expressed sympathy for the loss of lives and properties due to the floods.

The ADB country director said that $1.5bn from the announced aid will be allotted to the Balochistan Rural Development and Community Empowerment Programme and the proposal will be put before the bank’s board this month. “He also apprised the meeting about ongoing and future projects of ADB in different sectors including social protection, food security and energy sectors.

“Regarding the Country Partnership Strategy for Pakistan 2021-25, it was shared that this strategy is in line with the vision of the government of Pakistan,” the press release reads.