Islamabad: The Asian Development Bank (ADB) has signed a $218 million loan agreement with Pakistan for the Flood Emergency Reconstruction Resilience Project.
The agreement was signed by Mohammad Saleem Sethi, Secretary of Economic Affairs Division, and Werner E. Liepach, Country Director of the ADB.
Under the project, the governments of Punjab and Azad Jammu and Kashmir will receive $153m and $56m, respectively.
The project will contribute to economic recovery of flood-hit areas in Punjab and AJK through rehabilitation and reconstruction of high-priority infrastructure damaged and weakened by flooding in September last year.
Finance Minister Ishaq Dar witnessed the signing ceremony and welcomed the ADB’s support to the flood-affected areas to ensure a resilient infrastructure to mitigate the impact of future natural hazards.
He also appreciated the ADB portfolio enhancement from $4.5 billion to $5.5bn for Pakistan in energy, infrastructure, disaster management and irrigation sectors.