The Asian Development Bank (ADB) said on Wednesday that it would offer $2.3-2.5 billion in funding for relief efforts in the aftermath of severe floods in Pakistan.
The declaration was made during one meeting between Finance Minister Ishaq Dar & ADB Country Director for Pakistan Yong Ye, according to a news statement issued by the Finance Division.
During the meeting, Ye complimented Dar on his new position and offered condolences for the loss of life and property due to the floods.
According to the ADB national director, $1.5 billion of the promised funding would go to the Balochistan Rural Development and Community Empowerment Programme, and the proposal will be presented to the bank’s board this month.
“He also informed the gathering about ADB’s existing and planned programs in many areas, including social protection, food security, and energy.”
“It was highlighted that the Country Partnership Strategy for Pakistan 2021-25 is in accordance with the goal of the government of Pakistan,” the press release said.
According to the statement, the finance minister greeted the group and praised ADB’s contribution and assistance in fostering sustainable development in the country.
Dar also informed the team of the flood damages and their economic impact.
“In the conclusion, the finance minister expressed appreciation to the ADB delegation for their consistent assistance and assured them of the government’s complete cooperation for the timely implementation of existing and future programs,” the news statement continued.