World Bank pledges $2 bn in aid to flood-hit Pakistan for reconstruction

The World bank has said that it will provide USD 2 billion in aid to Pakistan for reconstruction and rehabilitation that includes food, shelter and other urgent needs of the victims of the recent devastating floods.

The announcement was made by the World Bank's new vice president for the South Asia region, Martin Raiser, on Saturday in a statement issued at the end of his Pakistan tour.

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

The World Bank had earlier agreed to provide USD 850 million for flood relief in a meeting with Pakistan's Prime Minister Shehbaz Sharif on the sidelines of the UN General Assembly in New York. The amount has now been increased to USD 2 billion.

As per the World Bank resident mission in Islamabad, the current portfolio has 54 projects and a total commitment of USD 13.1 billion, the Dawn newspaper ...