ProPropertyNewsWB Diverts $615Mn from Ongoing Projects to Aid Flood-Stricken Pakistan

WB Diverts $615Mn from Ongoing Projects to Aid Flood-Stricken Pakistan

ISLAMABAD: The World Bank has reallocated $615 million from current projects that were progressing slowly to aid in the rehabilitation and reconstruction of flood-affected areas in Pakistan.

This action was taken due to the multiple issues preventing the effective use of these funds by Pakistan.

Additionally, the WB has pledged to contribute $2 billion towards relief, rehabilitation, and reconstruction activities in areas affected by floods in Pakistan.

This money was not a new grant, but rather was being diverted from ongoing slow-moving projects that the World Bank was considering canceling due to implementation delays.

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As per the details, $615 million of this pledge will be repurposed from existing projects for immediate relief and reconstruction, with $357 million going towards cash transfers, procurement of tents, emergency needs, and small urgent rehabilitation works, and $258 million being mobilized for reconstruction.

The World Bank made this announcement during the Climate Resilient Pakistan Conference which was held in Geneva on 9th January.

The World Bank also plans to approve new projects in Balochistan, Khyber-Pakhtunkhwa, and Punjab to bring additional resources to support reconstruction across all affected districts of the country.

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