Pakistan

IDB, US, France pledge aid to Pakistan at Geneva

IDB to give $4.2 bln while US promises additional $100 million to support Pakistan's climate rebuilding efforts

News Desk January 09, 2023

A family with their belongings wade through rain waters following rains and floods during the monsoon season in Jamshoro, Pakistan August 26, 2022. REUTERS/Yasir Rajput

The Islamic Development Bank (IDB) on Monday pledged to finance an amount of 4.2 billion dollars over the next three years for the achievement of Pakistan's climate resilience and development objectives while the US also assured of an additional $100 million.

A high-level delegation from Pakistan kicked off the International Conference on ‘Climate Resilient Pakistan’ in Geneva today, co-chaired by Prime Minister Shehbaz Sharif along with UN Secretary-General (UNSG) Antonio Guterres.

Read Flood victims still waiting for rehabilitation drive to kick off

The daylong event gathered high-level representatives from dozens of countries, including several heads of state and government.

While not strictly a pledging conference, the UN and Pakistani representatives have said that it aimed to mobilise support as the country rebuilds after the floods that left more than 1,700 people dead and affected over 30 million others.

At the inaugural ceremony PM Shehbaz Sharif said that Pakistan needs $8 billion from its international partners over the next three years to rebuild the country that is reeling from last year's devastating floods.

"If that gap continues to obstruct our recovery and minimum resilience needs, the results may be too catastrophic to imagine," warned the PM.

Addressing the international conference, IDB President Muhammad Al Jasser announced $4.2 billion would be granted to Pakistan over the next three years.

This amount includes $600 million of ordinary capital resources from the bank, he said.

On this occasion, PM Shehbaz thanked IDB's financing pledge saying it was "very heartening and encouraging".

He assured that his government will leave no stone unturned to implement the reconstruction and rehabilitation plan in letter and spirit.

Meanwhile, a senior official from the US development agency USAID said that Washington would provide an additional $100 million in funding for Pakistan's recovery from devastating floods last year.

"I am delighted to announce that the United States is making an additional 100-million-dollar commitment to Pakistan to help it recover from the devastating 2022 monster monsoon floods," USAID Deputy Administrator Isobel Coleman told reporters on the sidelines of the conference.

Earlier, in a video message, France President Emmanuel Macron said Paris was ready to support Pakistan in talks with creditors and pledged $10 million in additional aid support.

With input from Reuters and Radio Pakistan