ADB pledges $500 million in additional aid to flood victims

The Asian Development Bank (ADB) has indicated an additional financial assistance of US$ 500 million under CSF to Pakistan for the rehabilitation of flood victims.

According to details, the delegation led by the Federal Minister for Economic Affairs held meetings with the senior management officials of the Asian Development Bank in Manila. The Pakistani delegation met during the 55th Annual Meeting of Development Partners.

Other members of the Pakistani delegation including Secretary Dr. Kazim Niaz, ADB Executive Director Noor Ahmed representing Pakistan and senior officials of the Economic Affairs and Finance Division attended the meeting.

Asian Development Bank Group President Masatsugu Asakawa expressed his condolences to the Federal Minister for Economic Affairs for the loss of precious lives in the recent devastating floods and assured the full support of ADP for relief, rescue and rehabilitation.

Masatsugu Asakawa also praised the ongoing reform efforts of the government, especially in the power, governance and financial sectors, and assured the government of Pakistan of ADB’s continued support in this difficult time.

On this occasion, Federal Minister Ayaz Sadiq praised ADB’s support to Pakistan and said that the current government is committed to implementing reforms in key areas of economy and governance.

Ayaz Sadiq, on behalf of the Prime Minister of Pakistan, invited the President of ADB to visit Pakistan to see the devastating effects of the recent floods.

Later, the Pakistani delegation also met ADB’s Vice President (Operations-I) Mr. Shiksin Chen and ADB’s Director General Central and West Asia Department, Mr. Eugene Dukov. In which the performance of ADB’s ongoing portfolio in Pakistan and future pipeline projects were discussed.

Minister Ayaz Sadiq commended the ADB management for fast-tracking the proposed US$1.5 billion Countercyclical Support Facility (CSF) to support the government.

ADB Vice President Chen assured Pakistan of full support under CSF and reiterated the additional financial assistance of 500 million US dollars under CSF.