- Web Desk
- 6 Hours ago
IDB pledges $600m for Pakistan’s flood-affected areas
- Web Desk
- Jun 17, 2023
ISLAMABAD: The Islamic Development Bank has announced its readiness to extend $600 million to Pakistan for the rehabilitation and development of flood-affected regions of Pakistan.
This substantial financial support aims to alleviate the impact of the devastating floods and promote sustainable recovery efforts.
According to a report in an English daily, a significant portion of the approved funding will be allocated towards the Chashma Right Bank Canal project in Khyber Pakhtunkhwa.
The funding is expected to bolster the irrigation infrastructure in the region, ensuring improved water management and agricultural productivity.
The financial assistance from the Islamic Development Bank comes at a critical time for Pakistan, as the country grapples with the aftermath of severe flooding. The funds will be utilised to address the immediate needs of affected communities, including rebuilding infrastructure, providing essential services, and supporting livelihoods.
Pakistan recently received a substantial loan of $1 billion from China, further bolstering the country’s foreign exchange reserves. The injection of these funds has provided a much-needed boost to Pakistan’s economic stability.
The commitment of the Islamic Development Bank to extend $600 million in project financing underscores the bank’s dedication to supporting member countries in times of crisis. The assistance will play a vital role in facilitating the recovery and reconstruction process in the flood-affected areas of Pakistan.
The government of Pakistan, in collaboration with international partners, continues to prioritize the rehabilitation efforts in these regions. The financial support from the Islamic Development Bank, along with the contributions from other international stakeholders, will contribute significantly to the restoration of infrastructure, livelihoods, and the overall well-being of the affected communities.
As the country embarks on the challenging task of rebuilding, these substantial investments and loans are expected to catalyse development efforts and enable the affected regions to emerge stronger and more resilient than before.
The support from the Islamic Development Bank, coupled with the recent inflow of funds from China, presents a promising outlook for Pakistan’s economic recovery and future growth.