Pakistan to get $400mln from ADB

ISLAMABAD: The Asian Development Bank (ADB) has announced a significant boost for Pakistan’s economy, approving a $400 million aid package, ARY News reported on Saturday.

This funding is part of a broader commitment from ADB to support Pakistan’s recovery from the devastating 2022 floods.

According to an ADB statement, the funds will be allocated to the reconstruction of flood-affected houses and improvement of community infrastructure and livelihoods.

The bank had initially pledged $1.5 billion to aid Pakistan’s flood recovery, and the current tranche is part of this larger commitment.

From 2023 to 2025, Pakistan will receive a total of $1.5 billion, which will be directed towards various flood recovery projects.

The funds will facilitate the construction of approximately 250,000 houses, provision of drinking water facilities, and development of alternative energy resources for 100,000 households.

In addition, the money will be invested in agriculture, small enterprises, and e-commerce sectors.

A significant portion of the funds will support the Sindh Emergency Housing Project, aiming to rebuild homes and provide essential support to flood victims.

The ADB highlighted that these efforts will not only rebuild homes but also bolster the livelihoods of those affected, providing a crucial lifeline to the most vulnerable communities in Pakistan.