Manila, Jan 9, 2006 AEST (ABN Newswire) - The Government of Finland has made an initial contribution of EURO 4.5 million to ADB's (ASX: ATB) Pakistan Earthquake Fund (PEF).
The PEF was established in November 2005 to pool and promptly deliver emergency grant financing for projects that support immediate reconstruction, urgent rehabilitation, and other associated development activities in earthquake-affected areas in the country. ADB made an initial contribution of US$80 million to the fund.
"We are very grateful for this contribution from Finland, that will support much needed interventions to rehabilitate and reconstruct areas damaged by the earthquake in Pakistan," says Werner Liepach, Principal Director of ADB's Office of Cofinancing Operations. "We hope that this will set a precedent for other donors to follow."
A preliminary damage and needs assessment report released by ADB and the World Bank estimates that Pakistan needs approximately $5.2 billion to effectively implement a relief, recovery and reconstruction strategy. Of this $3.5 billion is for physical reconstruction of housing, schools, health facilities, roads and other public infrastructure.
ADB has pledged a total of $1 billion in concessional support for the rehabilitation and reconstruction of earthquake-hit Pakistan.
Contact
Graham Dwyer
Email: gdwyer@adb.org
Tel:+632 632 5253; +632 898 3413
| ||
|
