At a global summit in Geneva, Switzerland, Pakistan on Monday raised $8.57 billion in relief pledges—$570 million more than its initial goal—for post-flood rehabilitation as the cash-strapped country frantically seeks money to help the devastated populace.
The pledges followed the announcement of an $8 billion flood aid appeal by Prime Minister Shehbaz Sharif at the International Conference on Climate Resilient Pakistan, which was intended to assist the nation in recovering from the devastation brought on by the catastrophic floods.
In a tweet, Pakistan’s information minister Marriyum Aurangzeb reported that the country has already received promises totalling $8.57 billion at the Geneva conference on a climate-resilient Pakistan.
The minister stated that as the second session of the climate conference got underway, development partners were looking into methods to better rebuild together.
The Asian Infrastructure Investment Bank (AIIB) offered $1 billion, she added.
At least 1,700 people were murdered and more than $16 billion in damages were caused by the devastating floods that devastated Pakistan, which has a $350 billion economy. Islamabad is paying for half of the damages with its own money.
In response to the country’s $8 billion flood plea, the World Bank and the Islamic Development Bank (IsDB) donated more than $6 billion to Pakistan to support its efforts to repair its climate.
Muhammad Al Jasser chairman of the Islamic Development Bank (IsDB) remarked at the International Conference on Climate Resilient Pakistan on Monday in Geneva, “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.”
In addition to the World Bank’s $2 billion commitment and $4.2 billion from the IsDB to Pakistan over the next three years, the US, China, and other countries have also signalled their support.