World Bank approves $1.69B for Pakistan

Islamabad, The Gulf Observer: The World Bank has authorized five projects totalling $1.69B for the reconstruction of flood-hit areas of southern Pakistan.

“World Bank’s Executive Board today approved $1.69B in financing for five projects to support people living in flood-affected areas of Sindh Province in Pakistan,” an official statement said on Tuesday.

Funds will be disbursed on the five projects i.e. to support rehabilitation, housing reconstruction and the restoration of crop production for vulnerable communities in the southern province, one of the worst-affected regions by recent super floods.

The funds will also be used to support maternal and child health services.

“Sindh was the province worst affected by the 2022 floods. There were huge damages to the housing, health, and agriculture sectors and people lost their livelihoods. Beyond the rehabilitation and reconstruction of damaged houses and infrastructure, our engagement in the flood response effort is an opportunity to strengthen resilience, and reform institutions and governance structures,” the statement quoted Najy Benhassine, the World Bank Country Director for Pakistan, as saying.

The World Bank will continue to support Pakistan’s government and people in their efforts to recover from the recent flood emergency and build long-term resilience to similar climate-related shocks, it added.

Torrential rains and devastating floods have brought a third of Pakistan under water, aside from killing nearly 1,700 people, since mid-June.

Over 33 million people, mainly in Sindh and Balochistan, were affected by the biblical floods, with hundreds of thousands of houses, buildings, bridges, schools, and roads washed away.

A post-disaster needs assessment conducted by the government and development partners, including the Asian Development Bank, estimated total damage and losses are at more than $30 billion, and recovery and reconstruction needs are at $16.3 billion.