Manila, June 3, 2006 AEST (ABN Newswire) - The Government of Australia, through the Australian Agency for International Development (AusAID), has made an A$20 million contribution to Asia Development Bank'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 the Government of Australia, which will be used for the much needed reconstruction of education and health facilities in Azad Jammu and Kashmir damaged by the earthquake," says Werner Liepach, Principal Director of ADB's Office of Cofinancing Operations.
Half of the contribution will be used to partly finance the reconstruction of at least 150 identified priority middle schools in four of the administrative districts of Azad Jammu and Kashmir - Muzaffarabad, Neelum, Poonch, and Bagh. The other half of Australia's financial support will focus on the reconstruction of a rural health centre and 29 basic health units in Poonch.
A preliminary damage and needs assessment report released by ADB and the World Bank estimates that Pakistan needs about $5.2 billion to effectively undertake 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; +63 915 741 4363
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