Islamic Development Bank Promises $4.2bn for Rebuilding Flood-Hit Pakistan

TEHRAN (IQNA) – The Islamic Development Bank has pledged $4.2 billion over the next three years to Pakistan as aid for its climate rebuilding effort, the bank's president said on Monday.

“I am pleased to announce that the Islamic Development Bank group, as part of contributing to the achievement of Pakistan’s climate resilience and development objectives, pledges a financing amount of $4.2 billion over the next three years,” Muhammad Al Jasser, president of Islamic Development Bank said in Geneva.

Officials from some 40 countries as well as private donors and international financial institutions are gathering for a meeting in Geneva as Islamabad seeks help covering around half of a total recovery bill of $16.3 billion.

Waters are still receding from the floods caused by monsoon rains and melting glaciers which killed at least 1,700 people and displaced around 8 million.

Pakistan Information Minister Marriyum Aurangzeb sent a tweet saying that pledges had reached $8.57 billion - more than it had initially sought.

Among the donors were the World Bank with $2billion, the Asian Development Bank with $1.5 b, as well as the EU and China, she said.

France and the US also made contributions.

Source: arabnews.com