Washington, DC (BBN)- The World Bank has agreed to provide a US$900 million loan to flood-hit Pakistan to minimize the losses of the economy.
“The government of Pakistan has requested around $900 million of financial support from the World Bank, which we have committed to provide,” a World Bank announcement said on Monday.
The funding will come from the International Development Association, the World Bank’s arm for low-income countries through reprogramming of currently planned projects and reallocation of un-disbursed funds from ongoing projects.
On August 11, the Pakistan government asked the World Bank and the Asian Development Bank (ADB) to undertake a Damages and Needs Assessment in the flood-hit areas, and the United Nations (UN) the Early Recovery Needs Assessment.
The World Bank, ADB and UN will collaborate through participation and sharing of information on their respective assessments, and will also regularly coordinate with key donors, according to the announcement.
BBN/SI/AD-18Aug10-12:29 am (BST)