World Bank ‘envisaging’ $2bn financing for Pakistan flood victims

ISLAMABAD: The World Bank said on Saturday it is “envisaging” financing of $2 billion for Pakistan to rehabilitate and restore people’s lives following devastating floods that have killed over 1,600 people in the country since mid-June.  

“We are deeply saddened by the loss of lives and livelihoods due to the devastating floods and we are working with the federal and provincial governments to provide immediate relief to those who are most affected,” Raiser was quoted as saying in a World Bank press release.

“As immediate response, we are repurposing funds from existing World Bank-financed projects to support urgent needs in health, food, shelter, rehabilitation, and cash transfers,” he said.

Raiser said the World Bank is working with Pakistan’s federal and provincial authorities to quickly start infrastructure reconstruction and rehabilitation and rebuild people’s homes and restore their livelihoods.

He said Pakistan and the World Bank were also working to strengthen the country’s resilience to climate-induced disasters. “We are envisaging financing of about USD 2 billion to that effect,” Raiser added.

The World Bank official visited Pakistan’s southern Sindh province where he met Chief Minister Murad Ali Shah. Raiser undertook a visit to the province’s Dadu district to survey the extent of the damages and met affected households at a relief camp there.

Heavy monsoon rains in Pakistan triggered flash floods since June 14 that have destroyed crops in large quantities and dealt severe damage to the country’s infrastructure