ISLAMABAD: Pakistan has targeted $1.3 billion in financing under the Geneva Donors Conference, with $1 billion for project financing and an additional $300 million, ARY News reported citing sources.
According to sources, the Ministry of Planning and the Ministry of Economic Affairs have completed their working for the current financial year, and the amount will be spent on flood recovery and rehabilitation and development projects.
This funding is part of the international community’s efforts to support Pakistan in the aftermath of the catastrophic floods.
Pakistan has so far received $3 billion under the Geneva Donors Conference and is expected to receive up to $10 billion by 2027.
The funding will be allocated to the provinces and the federal government to spend on the rehabilitation and development of areas affected by the flood. The World Bank, Asian Development Bank, and Asian Infrastructure Bank are among the donors that will provide funding under the Geneva Donors Conference.
Read more: PAKISTAN SECURES OVER $10B IN PLEDGES AT CLIMATE RESILIENCE CONFERENCE
It is pertinent to mention here that PM Shehbaz Sharif co-hosted an international conference on ‘Climate Resilient Pakistan’ in Geneva along with United Nations Secretary General Antonio Guterres.
The conference brought together governments, leaders from the public and private sectors and civil society to support the people and the government of Pakistan to deal with the enormous challenge of post-flood reconstruction and rehabilitation.
Pakistan secured over $10 billion in pledges from international financial institutions, donor agencies and development partners for the rehabilitation, recovery and reconstruction of flood-affected areas, during the International Conference.
The major pledges made at the conference, co-chaired by Pakistan and the United Nations in Geneva, Switzerland, included $4.2 billion from the Islamic Development Bank (IsDB), $2 billion from the World Bank, $1.5 billion from the Asian Development Bank (ADB), $1 billion from the Asian Infrastructure Investment Bank (AIIB) and $1 billion from Saudi Arabia, according to the state news agency.
from Business News updates - Latest news stories on Economy from Pakistan
