Box Item - Post-floods Aid and ADB.
The Asian Development Bank has extended $650 million in emergency assistance loans to help Pakistan rebuild vital infrastructure destroyed during last year's floods. The financial assistance provided under the Flood Emergency Reconstruction Project (FERP) will go towards rebuilding damaged national and provincial road networks, irrigation systems, and flood protection structures, kick-starting economic and livelihood activities. ADB will also provide $4 million grant for capacity-building technical assistance to strengthen implementation and oversight of the project. The FERP will reconstruct 793 km of national highways and bridges and 800 km of provincial road networks to multiple hazards resistant standards. The project will also improve 1.5 million hectares of agricultural land by restoring and strengthening flood protection embankment, rehabilitating canals and other allied infrastructure.
In addition, ADB as a part of its overall post-flood support, increased the trade finance facility to Pakistan by $500 million, providing extra cover to emergency imports and exports during the reconstruction period, and also contributed $3 million grant to enable the National Disaster Management Authority to respond to existing and future emergencies and disasters in an effective manner.