ADB extends 2 bln USD for reconstruction of flood-hit Pakistan

22:24, August 19, 2010      

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The Asian Development Bank (ADB) is extending 2 billion U.S. dollars finance to Pakistan to help with the rehabilitation and reconstruction work resulting from the devastating floods.

The Manila-based lender said Thursday the funds will be released in line with the findings of a Damage and Needs Assessment (DNA) being done by ADB and the World Bank. The ADB has also approved 3 million U.S. dollars from its Asia-Pacific Disaster Response Fund for immediate emergency assistance.

The heavy monsoon rains that swept Pakistan last month killed about 1,300 people and destroyed thousands of houses, crops, roads and other infrastructures. The Pakistani government estimates that the damage brought by the flooding is equivalent to 2 to 3 percent of the country's GDP.

"We need to put back hope and dignity into people's lives, and do so quickly. Pakistan needs this and counts on us. This is not the time to let them down. This must be our finest hour," ADB Director General for Central and West Asia Juan Miranda said in a statement.

Miranda said the donor community is first and rightly helping out with humanitarian relief. But he noted that the long-term reconstruction work is going to be essential. This is why the ADB is setting up a special flood reconstruction fund to raise money from donors wishing to help with rehabilitation and reconstruction work. The ADB will administer this money and put in place the appropriate fiduciary oversight systems and procedures.



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