ISLAMABAD: World Bank Saturday announced the allocation of $2 billion infunds from existing projects for emergency operations in flood-affectedareas to support Pakistan.
World Bank Country Director Najy Benhassine announced the decision during ameeting with Finance Minister Ishaq Dar in Islamabad on Saturday, sayingthe funds will be allocated from the bank’s existing financed projects for“emergency operations” in flood-battered areas.
According to a Finance Ministry statement, Benhassine also saidapproximately $1.5 billion of the total promised amount will be mobilizedthis year due to the emergency situation.
During the meeting, Finance Minister Ishaq Dar appreciated the World Bankfor being a source of support in pursuing reform agenda and implementingvarious development projects for the country.
“Pakistan values the financial and technical support provided by the WorldBank for the institutional reforms and economic development of thecountry,” Dar said in a statement.
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Ishaq Dar also discussed with the World Bank delegation the economicchallenges that Islamabad is currently facing in the aftermath of theunprecedented floods last month, mainly in terms of infrastructure andagriculture.
The announcement from WB comes after the Asian Development Bank (ADB)announced providing $ 2.3 to 2.5 billion to Pakistan for flood reliefefforts.
