ADB to approve $2b to support flood relief steps

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The Asian Development Bank will approve funding of over $2 billion to support Pakistan’s post-flood relief and resilience activities by 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 floods and torrential rains in Pakistan, he said the Asian Development Bank 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 Asian Development Bank.

Mr Zhukov said the ADB is also aiming to mobilize a $500-$700 million package for the much needed immediate relief assistance, early recovery and rehabilitation, and reconstruction assistance. He said 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.

He said ADB was providing unprecedented support of $100 billion to deliver climate financing to its developing member countries from 2019 to 2030.

 

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