Pakistan secures over $10b in pledges at Climate Resilience Conference

GENEVA: Pakistan on Monday secured over $10 billion in pledges from international financial institutions, donor agencies and development partners for the rehabilitation, recovery and reconstruction of flood-affected areas, during an International Conference on Climate Resilience.

The major pledges made at the conference, co-chaired by Pakistan and the United Nations in Geneva, Switzerland, included $4.2 billion from the Islamic Development Bank (IsDB), $2 billion from the World Bank, $1.5 billion from the Asian Development Bank (ADB), $1 billion from the Asian Infrastructure Investment Bank (AIIB) and $1 billion from Saudi Arabia, according to the state news agency.

Prime Minister Muhammad Shehbaz Sharif led the Pakistan delegation at Geneva moot where he described in detail Pakistan’s Resilient Recovery, Rehabilitation, and Reconstruction Framework (4RF), which laid out a multi-sectoral strategy for rehabilitation and reconstruction in a climate-resilient and inclusive manner.

READ: GENEVA CONFERENCE: PM SHEHBAZ VOWS TRANSPARENCY IN AID SPENDING

Foreign Minister Bilawal Bhutto Zardari, Finance Minister Ishaq Dar, Minister for Planning Ahsan Iqbal, Minister for Climate Change Sherry Rehman and Minister for Information and Broadcasting Marriyum Aurangzeb were part of the prime minister’s delegation.

Speaking at the concluding session of the conference, Minister of State for Foreign Affairs Hina Rabbani Khar said the bilateral and multilateral partners of Pakistan announced commitments totaling more than 9 billion dollars. Further announcements for in-kind support were made by a number of delegations, she added.

During the conference, she said the delegations recalled their assistance to the immediate relief efforts and affirmed their support to the people of Pakistan for a resilient recovery, rehabilitation and reconstruction. They expressed their solidarity and announced commitments of financial support to the realization of the objectives and priority areas outlined in the 4RF, as well as to ongoing humanitarian efforts.

READ: WORLD BANK, IDB PLEDGE $6.2BN FOR PAKISTAN’S FLOOD VICTIMS

Since June 2022, the minister said, a combination of heavy rains and riverine, urban, and flash flooding led to an unprecedented natural disaster in Pakistan. Floods affected 33 million people, with more than 1,730 lives lost as well as 2 million housing units impacted, and several thousands of schools and hospitals damaged or destroyed. Estimates suggest that the national poverty rate may increase, pushing an additional 9.1 million people below the poverty line. Existing health and food insecurities are exacerbated by the disaster, disproportionately affecting the most vulnerable.

The minister said the Government of Pakistan led a Post-Disaster Needs Assessment (PDNA), which was prepared with the support of a Core Group of partners comprising the Asian Development Bank, the European Union, the United Nations agencies, and the World Bank Group. The PDNA estimates recovery needs at over USD 16 billion. Housing, agriculture and livestock, as well as transport and communication sectors were most impacted. Sindh was the province worst-affected by the disaster, followed by Balochistan, Khyber Pakhtunkhwa, and Punjab.

Based on the PDNA, the Core Group has supported the Government of Pakistan in developing a Resilient Recovery, Rehabilitation and Reconstruction Framework (4RF). The 4RF provides an overarching framework for planning, financing, implementing and monitoring Pakistan’s resilient recovery, rehabilitation and reconstruction efforts, she added.

The conference provided an opportunity to present the 4RF, secure international support, and forge long-term partnerships for building Pakistan’s climate resilience and adaptation.