Islamabad: World Bank Vice President (VP) Martin Raiser on Wednesday (September 08) announced the repurposing of USD 300 million approved in funds for the relief and rehabilitation activities of flood victims in Pakistan, news sources reported.
During a meeting with Pakistan’s Ambassador to the United States of America (USA) Masood Khan, the VP stated that the bank will offer relief funds to Pakistan for infrastructure rebuilding and enhancement in flood-affected areas. On the occasion, the ambassador also informed bank officials about the flood-related losses and the need for more resources for restoration. He stated that the government has estimated USD 10 billion in material damage, millions of hectares of land destroyed, and a looming food crisis due to agricultural land destruction.
He also stated that the recent flood destroyed 6,500 kilometres of roadways that need immediate reconstruction.
It is worth noting that Pakistan has been one of the World Bank’s major assistance recipients since its foundation. It has received USD 40 billion in loans and reliefs over the 75 years of its existence. The current flood is also one of the occasions on which the World Bank and other countries have offered to assist the government.