Asian Development Bank To Finance $554M Flood Assistance Project in Pakistan
The Asian Development Bank (ADB) has approved a $554 million financing package to support recovery and reconstruction in Pakistan and strengthen the country’s disaster and climate resilience following this year’s devastating floods, ADB said in a statement on Monday. The financing will support several projects to restore irrigation, drainage, flood risk management, on-farm water management, and transport infrastructure in southwestern Balochistan, northwestern Khyber Pakhtunkhwa, and southern Sindh provinces. Climate and disaster resilience measures will be incorporated into the design of the restored infrastructure. An additional $71 million from existing loans will be repurposed to support Pakistan’s flood-response efforts. From June to October, Pakistan suffered the worst flooding and landslides in a century as glacial lakes burst and riverbanks collapsed following intense monsoons, after unprecedented heat waves earlier this year. In October, ADB approved a $1.5 billion loan to support social protection, food security, and employment projects in Pakistan.