• Islamic Development Bank pledged funding $4.2bn over three years
• World Bank announced donation of $2bn for flood victims
• PM Shehbaz Sharif sought global support to generate $8bn

GENEVA: The Islamic Development Bank and World Bank announced pledges of $6.2 billion to help build a climate-resilient Pakistan which suffered over $33 billion in losses due to unprecedented floods.

The pledges were announced at the International Conference on Climate Resilient Pakistan being co-hosted by Prime Minister Shehbaz and the Secretary -General of the United Nations Antonio Guterres.

Addressing the conference, President of Islamic Development Bank Muhammed Al-Jasser said the Islamic Development Bank Group had pledged funding $4.2 billion over the next three years.

The World Bank also announced a donation of $2 billion to support the reconstruction and rehabilitation of flood-ravaged Pakistan.

Besides the global financial institutions, friendly countries also announced donations for the reconstruction and rehabilitation of flood-ravaged Pakistan.

IsDB President Al- Jasser met Prime Minister Shehbaz Sharif here and assured to utilise all-out resources for rehabilitation of the flood victims of Pakistan.

During the meeting, prime minister briefed the IsDB head on the devastation caused by the floods and the measures taken by his government.

The Islamic Development Bank president assured to continue extending full support to Pakistan for reconstruction and rehabilitation of the flood-stricken areas. The prime minister thanked the IsDB president for the wholehearted support to Pakistan after the unprecedented floods.

Earlier, Prime Minister Shehbaz Sharif  sought global support to generate $8 billion to meet the impending challenges, considering the “gigantic task” of resilient recovery, rehabilitation and reconstruction of 33 million flood-affected people.

Addressing a joint press stakeout with United Nations Secretary-General Antonio Guterres, the prime minister expressed the confidence to generate close to about $8 billion dollars domestically and also looked towards the international community to contribute an equal amount to support these measures.

He said during the “Resilient Pakistan” conference, they worked out a comprehensive framework over recovery, rehabilitation and reconstruction efforts with a robust financial mechanism.

Elaborating the large-scale devastation caused by the floods, the prime minister said it had crippled Pakistan’s economy and they with meagre resources could not cope with such a gigantic challenge.

The prime minister said that he had never witnessed such destruction in his lifetime. About 33 million people were displaced, with 2 million houses were completely or impartially destroyed. The country’s economy suffered to the tune of $30 billon.

The prime minister thanked the UN, UNDP, World Bank and other financial institutions and friendly countries for their support and assistance to the flood victims.

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