KARACHI, Pakistan
The Asian Development Bank on Monday approved $554 million in financial aid to support the ongoing reconstruction of flood-hit Pakistan and rehabilitation of the victims.
The package, which includes a $475 million loan and a $3 million technical assistance grant from the bank, and a $5 million grant from the Japanese government, will support the restoration of irrigation and drainage structures, flood risk management, on-farm water management, and transport infrastructure in the flood-hit southwestern Balochistan, northwestern Khyber Pakhtunkhwa and southern Sindh provinces, the bank said in a statement.
The lender “repurposed” an additional $71 million from existing loans to support the government’s flood response efforts.
“The loan will reconstruct about 400 kilometers (248.5 miles) of roads; about 85 km (52.8 mi) of the country’s busiest national highway; and about 30 bridges,” the statement added.
“It will also help to restore and upgrade irrigation and drainage structures including canals and on-farm water facilities to restore livelihoods, and strengthen flood risk management structures to mitigate future risks to agricultural land, communities, and assets,” 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, the statement further said.
