ISLAMABAD, Pakistan: The Asian Development Bank (ADB) will provide US$ 1 billion to Pakistan through four tranches of US$ 250 million each year for National Disaster Risk Management.
In a meeting with the Federal Finance Minister Ishaq Dar in Islamabad on Tuesday which was also attended by officials of the ADB and Ministry of Finance, the minister was briefed by the Country Director ADB Werner Leipach about National Disaster Risk Management Fund.
The minister was briefed that the fund will be operationalized through a broad based stakeholder General Body. The funding from ADB will be US$ 1 billion with GOP share of US$ 250 million.
The Country Director said that the funding will come through four tranches of US$ 250 million each year from ADB. Australia, Belgium, Norway and Japan are also sighted as prospective donors.
The finance minister was also briefed about development on country operation Business Plan (COBP), Central Asia Regional Economic Cooperation (CAREC), creation of Disaster Management Fund (DMF) and preparation for upcoming meeting.
Ishaq Dar was told that the Country Operation Business Plan (COBP) will be extended over 2017-2019. It contains the indicative resource allocations and pipeline projects for the next three years.
The plan is reviewed and up dated every year on rolling basis. The total allocations for the plan stands at US$ 5910 million. The prominent sectors covered in the plan are Energy, Transport, Disaster Management, water and Urban Services, Agriculture and Infrastructure Financing. The plan will benefit Federal government, provinces, AJK/FATA/GB.
The Central Asia Regional Economic Cooperation (CAREC) is plan aimed enhancing at connectivity with Economic Transformation. The meeting of the stakeholders, representatives from CAREC countries, development partners is schedule in October 2016 at Islamabad. The purpose of the meeting is to showcase success, identify gaps/challenges and to incentivize private sector involvement and financing partnerships. Pakistan is planning to enhance facilities and provide Technical Assistance to member countries.
The minister appreciated role of ADB as a development partner and expressed satisfaction over broader contours of the plans presented before him in the meeting.
