World Bank, IDB pledge $6.2bn for Pakistan’s flood victims

GENEVA: The Islamic Development Bank (IDB) and the World Bank has announced pledges of a total $6.2 billion to help build back a climate-resilient Pakistan, which suffered over $33 billion in losses consequent to the unprecedented floods.

The pledges were announced at the International Conference on Climate Resilient Pakistan co-hosted by Prime Minister (PM) Shehbaz Sharif and United Nations Secretary-General (UNSG), Antonio Guterres.

Addressing the conference, President of Islamic Development Bank Muhammed Al-Jasser said the Islamic Development Bank Group had pledged funding of $4.2 billion over the next three years.

Moreover, the World Bank also announced a donation of $2 billion to support the reconstruction and rehabilitation of flood-ravaged Pakistan.

Taking to Twitter, Information Minister Marriyum Aurangzeb confirmed that the Islamic Development Bank had pledged $4.2bn while World Bank President for South Asia Martin Raiser had pledged $2bn.

Int’lcommunity and development partners are demonstrating exemplary compassion for flood victims.Islamic development bank group has pledged $4.2 billion at Geneva moot,WB vice President for South Asia Martin Raiser announced $2 billion, responding to PM’s call for concrete action

— Marriyum Aurangzeb (@Marriyum_A) January 9, 2023

“International community and development partners had demonstrated exemplary compassion for flood victims of Pakistan,” the information minister added.

‘$8.57bn pledged so far at Geneva moot’

In another Tweet, Marriyum Aurangzeb claimed that the donors at the Geneva conference had committed to give more than $8 billion to help Pakistan recover from last year’s devastating floods.

Marriyum said the first plenary of the conference had culminated in a “generous outpouring” from the international community.

USAID $100 million, France $345 million, total $8.57 billion, in line with collaborative vision of coalition of willing.
The second plenary session will commence shortly. #ResilientPakistan

— Marriyum Aurangzeb (@Marriyum_A) January 9, 2023

“The European Union pledged $93 million, Germany $88m, China $100m, Islamic Development Bank $4.2 billion, World Bank $2bn, Japan $77m, Asian Development Bank $1.5bn, USAID $100m, France $345m,” she said on Twitter.

PM Shehbaz says $16.3 bn needed for flood-hit areas

In his opening address at the conference, Prime Minister (PM) Shehbaz Sharif called for a sustained international plan to meet the daunting task of reconstruction and rehabilitation of flood-affected areas and build a climate-resilient Pakistan.

“A new lifeline is needed for our people to power our economy and reenter the 21st century with a future that is protected from extreme risks to human security,” the prime minister said.

PM Shehbaz Sharif said together we have to rebuild the lives and dreams of flood-ravaged people. He said the international community’s solidarity and long-term support to Pakistan at this critical juncture will make the difference between staying unprepared or facing the future with renewed hope and aspirations.

Read More: KP govt to represent itself at ‘Climate Resilient Pakistan’ moot

Shehbaz Sharif said the first part of this plan reflects priorities for recovery and reconstruction, bearing in mind the minimum funding requirement of 16.3 billion dollars, half of which is proposed to be met from domestic resources and the other half from development partners and friends. He said the funding gap for minimum recovery is eight billion dollars which will be needed over the next three years.