The World Bank has announced a $2 billion fund for the reconstruction of infrastructures and rehabilitation of millions of flood victims across Pakistan.
World Bank Country Director Najy Benhassine announced the decision during a meeting with Finance Minister Ishaq Dar in Islamabad on Saturday, saying the funds will be allocated from the bank's existing financed projects for "emergency operations" in flood-battered areas.
The development comes days after the Asian Development Bank announced $2.3 to $2.5 billion in "flood relief support" to help Pakistan cope with the devastation caused by unprecedented rains and floods in the South Asian country.
According to a Finance Ministry statement, Benhassine also said approximately $1.5 billion of the total promised amount will be mobilised this year due to the "emergency situation" in flood-affected areas.
Dar, for his part, discussed with the World Bank delegation the economic challenges that Islamabad is currently facing in the aftermath of the unprecedented floods last month, mainly in terms of infrastructure and agriculture.
He appreciated the international lending institution for being a "source of support" in pursuing Islamabad's reform agenda and implementing various development projects across the country.