Flood Emergency Reconstruction and Resilience Project signed With ADB for Punjab and AJK
In the presence of Mr. Ishaq Dar, Minister for Finance. Revenue Economic Affairs, Statistic and Privatization, on 9th July, 2015, Mr. Muhammad Saleem Sethi, Secretary EAD and Mr. Werner E. Liepach. Country Director, Asian Development Bank signed the loan agreement for Flood Emergency Reconstruction Resilience Project amounting to US$ 218 million.
Under the Flood Emergency Reconstruction and Resilience Project, Governments of Punjab and AJK shall secure the financing of US 153 million and US$ 56 million respectively (excluding contingencies). The project will contribute towards the economic recovery of flood-affected district of Punjab province and other flood-affected districts in AJK through the rehabilitation and reconstruction of high-priority infrastructure damaged and weakened during the floods in September 2014. The project will also support Disaster Risk Management (DRM) capacity building to mainstream resilience in development planning. Reconstruction of damaged and at risk infrastructure in the flood-affected areas will use appropriate and cost-effective multi-hazard resistant design and construction standards to mitigate the potential impact of future disasters. This will be achieved in close partnership with key national and international stakeholders to pool resources and maximize synergies for effective emergency aid.
Mr. Muhammad Ishaq Dar, Minister for Finance, Revenue Economic Affairs, Statistic and Privatization acknowledged the efforts of ADB in extending support to Pakistan’s flood 2014 affected areas to ensuring resilience infrastructure to adapt to and mitigate the impact of future natural hazard events. The Minister also appreciated ADB portfolio enhancement for from US$ 4.5 billion to 5.5 billion for Pakistan in the energy, infrastructure, disaster management and irrigation sectors.