ISLAMABAD: Federal government and the Asian Development Bank (ADB) signed on Thursday a Letter of Exchange for the establishment of Pakistan National Fund for Disaster Management (PNFDM), and three other projects worth $800 million.
The Letter of Exchange and Loan Agreements were signed between the Secretary of Economic Affairs Division Tariq Bajwa and Country Director ADB Dr Werner E Liepach. Finance Minister Ishaq Dar also witnessed the signing ceremony alongside representatives from Belgium, Norway and Australia.
The government-led and owned PNFDM will facilitate the implementation priorities and objectives set out in the National Disaster Management Plan (NDMP) approved in 2013.
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Meanwhile, the "Sustainable Energy Sector Reform Program-Subprogram II" programme amounting $400 million will support the the implementation of Pakistan National Power Policy 2013.
The operation particularly focuses on policy and institutional actions, which will restore financial viability and reduce the burden of public financing for the energy sector.
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The "Advanced Metering Infrastructure Project" and "New Customer Information and Billing System" projects will result in the reduction of power losses and balance electric supply.
Speaking on the occasion, the finance minister pledged the government's resolve to mobilise resources for efficient operationalisation of the disaster fund, and to effectively deal with the energy crises by taking practical measures.
Dr Liepach assured Pakistan of ADB's support, and appreciated the state's efforts for taking practical measures to deal with natural and man-made calamities, as well as addressing energy crisis in the country.