WB okays $200m for K-P flood victims

Funds to aid in reconstruction, rehabilitation, and development of the rural areas hit by 2022 megaflood

ISLAMABAD:

The World Bank has approved $200 million in financial assistance for Pakistan for the reconstruction, rehabilitation, and development of the rural areas of Khyber-Pakhtunkhwa (K-P), which were devastated by the last year’s savage floods.

The bank said that the amount would be spend on the flood victims of the K-P and it would benefit 5.5 million people. In a report on June 7, the bank said that the effects of August 2022 floods had affected production.

The foreign exchange to pay for imported food, energy, and raw materials remained in short supply, while industrial production was down 25% by March 2023, the bank said.

It should be noted that earlier the Islamic Development Bank (IDB) had also announced $4.2 billion for the reconstruction and rehabilitation of the flood-affected areas of Pakistan.