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.
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.