The World Bank has approved financing of $1.69 billion for flood relief projects in Pakistan, read a statement issued on Monday.
"World Bank's Executive Board approved $1.692 billion in financing for five projects to support people living in flood-affected areas of Sindh Province in Pakistan," an official statement said.
Funds will be distributed on the five projects to support rehabilitation, housing reconstruction and the restoration of crop production for vulnerable communities in the southern province, one of the country's worst-affected regions by recent vast floods.
The funds will also support maternal and child health services.
"Sindh was the province worst affected by the 2022 floods. There was huge devastation caused to the housing, health and agriculture sectors, and millions lost their livelihoods. Beyond the rehabilitation and reconstruction of damaged houses and infrastructure, our engagement in the flood response effort is an opportunity to strengthen resilience, and reform institutions and governance structures," the statement cited Najy Benhassine, the World Bank Country Director for Pakistan.
The World Bank will continue to support Pakistan’s government and people in their efforts to recover from the recent flood emergency and build long-term resilience to similar climate-related shocks, it added.
Torrential rains and devastating floods have brought a third of Pakistan under water, aside from killing nearly 1,700 people, since mid-June.
Over 33 million people, mainly in Sindh and Balochistan, were affected by the extensive floods, with several houses, buildings, bridges, schools and roads being washed away.
A post-disaster needs assessment conducted by the government and development partners, including the Asian Development Bank, estimated total damage and losses are at more than $30 billion, and recovery and reconstruction needs are at $16.3 billion. Pakistan's already stressed economy took a further hit after severe floods submerged large swathes of the country, but overall this year had already been quite harsh for Pakistan.
The country has endured double-digit inflation for months, driven by soaring food and fuel prices while the value of the rupee against foreign currencies also dropped significantly.