World Bank to loan Pakistan $900million [View All]

[Turborama]

Source: Al Jazeera English

Updated on: Tuesday, August 17, 2010 08:19 GMT -

The World Bank has agreed to provide a $900 million loan to flood-hit Pakistan, saying the economic impact of the disaster on the country's economy is 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 on Monday. "The government of Pakistan has requested around $900 million of financial support from the World Bank, which we have committed to provide," the statement said..

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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 co-ordinate with key donors," the World Bank said.

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Reconstruction

The cost of rebuilding Pakistan could exceed $10 to $15 billion, the country's high commissioner to Britain said on Monday. "It will take at least five years," High Commissioner Wajid Shamsul Hasan told the Reuters news agency.

Read more: http://english.aljazeera.net/news/asia/2010/2010/08/201081754235212718.html