ISLAMABAD: World Bank (WB) has diverted $ 615 million from ongoing slow moving projects towards rehabilitation and reconstruction of flood-affected areas, which Pakistan was unable to use due to multiple issues hindering implementation on these schemes.

Washington-based lender had informed Climate Resilient Pakistan Conference, Geneva this week that it would contribute $ 2 billion towards relief, rehabilitation and reconstruction activities in areas affected by floods. However, it is not new money, as World Bank has already approved projects or it diverted funds from schemes that were moving slow and lender was considering cancelling those loans. Of $2 billion pledges that World Bank announced at Geneva conference, $ 615 million was taken out of schemes that had already been approved but were facing implementation delays.

World Bank Vice President for South Asia Region Martin Raiser stated that for immediate relief, $ 357 million was repurposed from existing portfolio, supporting cash transfers, procurement of tents and emergency needs as well as small urgent rehabilitation works.

In addition to that, Raiser told that another $ 258 million was mobilised from existing projects for reconstruction, totalling $ 615 million of repurposed funds.

Published in The Daily National Courier, January, 17 2023

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