ISLAMABAD: World Bank Saturday announced the allocation of $2 billion in funds from existing projects for emergency operations in flood-affected areas to support Pakistan. World Bank Country Director Najy Benhassine announced the decision during a meeting with Finance Minister Ishaq Dar in Islamabad on Saturday, saying the funds will be allocated from the bank’s existing financed projects for “emergency operations” in flood-battered areas.
According to a Finance Ministry statement, Benhassine also said approximately $1.5 billion of the total promised amount will be mobilized this year due to the emergency situation. During the meeting, Finance Minister Ishaq Dar appreciated the World Bank for being a source of support in pursuing reform agenda and implementing various development projects for the country.
“Pakistan values the financial and technical support provided by the World Bank for the institutional reforms and economic development of the country,” Dar said in a statement.
Ishaq Dar also discussed with the World Bank delegation the economic challenges that Islamabad is currently facing in the aftermath of the unprecedented floods last month, mainly in terms of infrastructure and agriculture. The announcement from WB comes after the Asian Development Bank (ADB) announced providing $ 2.3 to 2.5 billion to Pakistan for flood relief efforts.
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. The ADB also announced US$ 1.5bn for the BRACE program which will be placed before the ADB Board for approval during this month, it added. Yong Ye also apprised the minister about the ongoing and future projects of ADB in different sectors including social protection, food security and energy sectors.