World Bank To Provide $900 Million Loan to Pakistan

The World Bank has agreed to provide a $900 million (£574 million) loan to Pakistan to help the country recover from this month's severe flooding.

More than 14 million people have been affected by the worst floods in the nation's history, according to Pakistan's National Disaster Management Authority, although the true figure could be considerably higher, says.

The funding follows a request from Pakistan on August 11 to the World Bank and the Asian Development Bank (ADB) to undertake a Damages and Needs Assessment in the flood-hit areas, and the United Nations (U.N.) for an Early Recovery Needs Assessment.

The World Bank, the ADB, and the U.N. will regularly coordinate with key donors besides collaborating through participation and sharing of information on their respective assessments. The Bank and ADB have mobilized staff and a Global Facility for Disaster Reduction and Recovery (GFDRR) rapid response team arrived in Islamabad on Friday last to help launch the assessment. "If there is no fresh wave of flooding, the assessment can be completed by October 15," the Bank said, RTT News informs.

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