At Geneva conference, IsDB pledges $4.2b over 3 years for Pakistan
In a massively positive development, chairman of the Islamic Development Bank (IsDB) Group, Muhammad Al Jasser, on Monday pledged $4.2 billion for flood rehabilitation and reconstruction in Pakistan. In addition, the World Bank also committed $2 billion for the purpose while USAID pledged $100 million. Moreover, Japan committed $77 million and Germany committed €84 million.
"I am pleased to announce that the Islamic Development Bank Group, as part of contributing to the achievement of Pakistan's climate resilience and development objectives, pledges a financing amount of $4.2 billion over the next three years," said Muhammad Al Jasser at the International Conference on Climate Resilient Pakistan in Geneva.
Asian Development Bank (ADB) Vice President Shixin Chen stated that his organisation will "prioritise up to $1 billion". The European Union announced over €500 million in pledges. European Commission President Ursula von der Leyen announced support to the reconstruction of Pakistan of over €500 million
"The EU and its member states were among the first to react when the floods hit. We stood by you then and we show our solidarity today," she said.
In response to the announcements, Information Minister Marriyum Aurangzeb said the international community and development partners have demonstrated exemplary compassion for flood victims.
"Islamic Development Bank Group has pledged $4.2 billion at Geneva moot, World Bank Vice President for South Asia Martin Raiser announced $2 billion, responding to PM's call for concrete action," she said.
PM Shehbaz thanked the friendly countries for helping save thousands of lives and restoring communication in affected areas through immediate funding. He also thanked UN Secretary-General Antonio Guterres for holding the conference.
UN Secretary-General Antonio Guterres called for "massive investments" to help Pakistan recover from last year's devastating floods, saying the country was "doubly victimised" by climate change and a "morally bankrupt global financial system".
"No country deserves to endure what happened to Pakistan," he said while expressing solidarity with people of Pakistan. "Despite enduring problems, the giving spirit of Pakistani people has shown brightly," he said. "My heart broke when I saw active firsthand devastation caused by floods."
IsDB Group Chairman Muhammad Al Jasser pledged $4.2 billion on behalf of the institution over the next three years aimed at fulfilling Pakistan's climate resilience and development objectives. In a video message, French President Emmanuel Macron pledged $10 million in additional aid support. He also said that Paris was ready to support Pakistan in its talks with financial institutions, as the country faces huge losses from recent floods. To meet the huge needs, Pakistan and the United Nations are cohosting an international conference in Geneva, urging countries, organisations and businesses to step up with financial and other support towards a long-term recovery and resilience plan.
French President Emmanuel Macron, his Turkish counterpart Recep Tayyip Erdogan and European Commission chief Ursula von der Leyen also addressed the conference via video links. According to Pakistan's Resilient Recovery, Rehabilitation and Reconstruction Framework, which it presented during Monday's conference, $16.3 billion will be needed altogether.
Pakistan's government aims to cover half that amount with "domestic resources", including its development budget and through public-private partnerships.