IDB pledges $4.2bn to Pakistan for three years

January 09, 2023 (MLN): The Islamic Development Bank (IDB) on Monday promised the funding of $4.2 billion to Pakistan over the course of three years for Climate Resilience, Muhammad Al Jasser said while addressing the International Conference at Geneva on Climate Resilient Pakistan.

Meanwhile, officials from Germany and the EU committed to provide €840 million and €500mnn each, World Bank $2bn for the purpose while USAID pledged $100mn. Moreover, Japan committed around $77mn to Pakistan.

Shixin Chen, vice president of the Asian Development Bank (ADB), announced that his organization will prioritize up to $1bn.

This said conference was being held in Palais des Nations Geneva today, to bring together government representatives, and leaders from the public and private sectors to stand with the people of Pakistan after the devastating floods of 2022.

The said event was co-hosted by the government of Pakistan and the United Nations.

During the Conference, Prime Minister Shahbaz Sharif has presented a comprehensive framework plan for flood recovery and rehabilitation of Pakistan and stated that completion of the plan will take three years.

He further added that the first part of the framework will focus on flood recovery and reconstruction while the second part will prioritize reconstruction of highways and railways as well as setting up of a warning system.

According to Finance Ministe Ishaq Dar, the support from friendly countries will not only help with flood relief but also create fiscal space in Pakistan to implement the ongoing International Monetary Fund program.

While Bilawal Bhutto, Foreign Minister said, "Half of the framework will be implemented from Pakistan’s own resources while the remaining half would be covered through international aid."

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