Don't miss

Replay


LATEST SHOWS

BUSINESS DAILY

Federal Reserve hikes interest rates, raises forecast

Read more

EYE ON AFRICA

Saudi Arabia and UAE pledge €130M for G5 Sahel Joint Force

Read more

THE INTERVIEW

‘Trump still committed to a two-state solution,’ says Saudi Foreign Minister Jubeir

Read more

THE DEBATE

How to patrol the Sahara? The challenges facing G5 Sahel joint force

Read more

ENCORE!

Film show: 'Star Wars, The Last Jedi'

Read more

THE INTERVIEW

Evo Morales: US exit from Paris accord is 'unforgivable'

Read more

FOCUS

Niger's Agadez: Pearl of the Sahara turned migrant hub

Read more

FOCUS

Spain's Tagus river is drying up

Read more

MIDDLE EAST MATTERS

'Looking for Oum Kulthum': Breaking the glass ceiling in the art world

Read more

Asia-pacific

World Bank to give flood-hit economy $900 million loan

Text by News Wires

Latest update : 2010-08-17

The World Bank will give Pakistan a 900-million-dollar loan to aid its flood-hit economy, the organisation said Monday. The floods over the last three weeks have been described as the worst humanitarian crisis in the world today.

AFP - The World Bank said Monday it has agreed to provide a 900 million dollar loan to flood-hit Pakistan, saying the economic impact of the disaster on the economy was expected to be "huge."
  
The funding will come from the International Development Association, the World Bank's arm for low-income countries, a bank statement said.
  

"The government of Pakistan has requested around 900 million dollars of financial support from the World Bank, which we have committed to provide," the statement said.
  
Described as the worst humanitarian crisis in the world today, the floods over the last three weeks have affected 20 million people, and destroyed crops, infrastructure, towns and villages, according to the Pakistani government.
  
"The economic cost is expected to be huge," the World Bank said Monday.
  
Preliminary information indicated that "direct damage" from floods was greatest in the housing, roads, irrigation and agriculture sectors, the bank said.
  
It estimated crop loss to be one billion dollars, saying the full impact on soil erosion and agriculture could only be assessed when the water receded by mid-September.
  
Islamabad last week asked the World Bank, the Asian Development Bank (ADB) and the United Nations to carry out assessments in the flood-hit areas in relation to damages, needs and recovery initiatives.
  
The two banks and the UN "will collaborate through participation and sharing of information on their respective assessments, and will also regularly coordinate with key donors," the statement said.
  
A "global facility for disaster reduction and recovery rapid response team" had arrived in Islamabad on Friday to help launch the assessment.
  
"If there is no fresh wave of flooding, the assessment can be completed by October 15," the World Bank said.

Date created : 2010-08-16

  • PAKISTAN

    Floods leave millions of children at risk of disease

    Read more

  • PAKISTAN

    UN chief urges ‘generous support’ for ravaged Pakistan

    Read more

  • PAKISTAN

    First case of cholera confirmed as floods affect 20 million people

    Read more

COMMENT(S)