Saturday, February 11, 2012

World Bank boosts flood support to $1b

By: Our Staff Reporter | September 02, 2010, 4:55 pm |

The World Bank has increased funding to help Pakistan cope with catastrophic flooding by $100 million, to a total of $1 billion, the bank said in a statement on Thursday. The World Bank is committed to helping the people of Pakistan during this time of need and has made $1 billion available to finance immediate recovery needs and longer-term reconstruction, the statement quoted World Bank President Robert Zoellick as telling Pakistani Finance Minister Hafeez Shaikh in Washington. The funds are being diverted to flood use from money already earmarked for Pakistan. They will come from the International Development Association, the banks fund for the poorest countries, and are concessional and carry no interest payments, the statement said.