ADB to mobilize over $2b to support flood victims

ISLAMABAD (INP): The Asian Development Bank (ADB) will approve funding of over $2 billion to support Pakistan’s post-flood relief and resilience activities by the end of current year, ADB Director General for Central and West Asia Eugene Zhukov told a virtual press conference from Manila on Thursday.
Expressing sympathies and grief over the huge devastation caused by the recent floods and torrential rains in Pakistan, he said the ADB had already provided $3 million grant for the immediate purchase of relief goods such as food supplies and tents.
The press conference was arranged as part of the 55th annual meeting of ADB. Zhukov said the ADB was also aiming to mobilize a $500-700 million package for the much needed immediate relief assistance, early recovery and rehabilitation, and reconstruction. The package would be approved by the end of current year. “The ADB is processing another $1.5 billion countercyclical support to mitigate the impacts of rising food prices and other external shocks on the poor and vulnerable in Pakistan,” he added.
ADB to mobilize over $2 bln to support Pakistan’s post-flood relief measures He said the ADB had been providing unprecedented support of $100 billion to deliver climate financing to its developing member countries from 2019 to 2030. Responding to a question with respect to the post flood relief and resilience measures in Pakistan, Zhukov said, “We are working in close collaboration with the local government and other international development partners to finalize the damage needs assessment that might be finalized by mid of the next month.”
He said in the agriculture sector, yields of major food crops (wheat, rice, and maize) in the CAREC (Central Asia Regional Economic Cooperation) region had declined by 3 -10%. Disasters were increasing in intensity, as seen in the recent flooding in Pakistan, with 33 million people affected and over 600,000 in relief camps, and 1.7 million homes damaged, he said.