ADB, Norwegian Embassy sign agreement expanding suppourt for NDRMF

Published: January 14, 2020
Email
PHOTO: AFP

PHOTO: AFP

ISLAMABAD: Asian Development Bank (ADB) and the Royal Norwegian Embassy in Pakistan on Tuesday signed an agreement to expand support for the National Disaster Risk Management Fund (NDRMF), further strengthening finances to increase preparation and reduce the risk of natural disasters in the country.

NDRMF is a nonprofit, government-owned company – incorporated with the Securities and Exchange Commission of Pakistan (SECP) – and is currently fully operational, financing up to 70 per cent of the cost of projects that increases Pakistan’s resilience to climate change and other natural disasters.

According to the agreement, Norway will provide $5 million to NDRMF from the unused resources of the Pakistan Earthquake Fund and Norway’s assistant for the new fund will be administered by ADB.

K-P, NDRMF sign Rs613.8m agreement

The Secretary of Pakistan’s Economic Affairs Division Syed Pervaiz Abbas, Ambassador of Norway to Pakistan Kjell-Gunnar Eriksen, and the Director General of ADB’s Strategy, Policy, and Partnerships Department Tomoyuki Kimura signed the agreement.

NDRMF was approved in 2016 to support those affected by natural disasters.

ADB provided the initial financing and the Australian government contributed a $3.4 million grant.

In 2018, the Swiss Agency for Development provided another $1.5m grant and technical assistance.

 

Facebook Conversations

Leave Your Reply Below

Your comments may appear in The Express Tribune paper. For this reason we encourage you to provide your city. The Express Tribune does not bear any responsibility for user comments.

Comments are moderated and generally will be posted if they are on-topic and not abusive. For more information, please see our Comments FAQ.

More in Pakistan