KARACHI: The World Bank has announced a US$2 billion funds to eke out reconstruction of infrastructures and rehabilitation of millions of flood victims across 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, Anadolu Agency reported.
The development comes days after the Asian Development Bank announced US$2.3 to US$2.5 billion in “flood relief support” to help Pakistan cope with the devastation caused by unprecedented rains and floods in the South Asian country.
According to a Finance Ministry statement, Benhassine also said approximately US$1.5 billion of the total promised amount will be mobilised this year due to the “emergency situation” in flood-affected areas.
A combination of torrential rains — 10 times heavier than usual — and apocalyptic floods have killed nearly 1,700 people across Pakistan since mid-June, aside from inundating a third of the country.
The colossal devastation will also cost US$30 billion to fix, according to government estimates.
The drenching monsoon along with massive floods have damaged about 45 per cent of the country’s cropland, posing a serious threat to the country’s food security.
Monsoon spells often cause devastation across the South Asia region, however, climate change and global warming have increased their ferocity and unpredictability in recent years. – Bernama
