World Bank lends U$400 m for reconstruction in Pakistan

ISLAMABAD – The World Bank has approved a 400 million dollars emergency credit for Pakistan to help rehabilitation and reconstruction work in the country’s quake-devastated regions, a bank statement said on Friday.

The is the second credit under a one billion-dollar assistance announced by the Bank following the October 8 earthquake which killed more than 73,000 people and made some three million homeless mainly in the Pakistan zone of Kashmir. In October the Bank’s board approved the first credit of 475 million dollars.The statement said the new package included 220 million dollars support for housing reconstruction, 85 million dollars each for livelihood support and import financing and 10 million dollars for capacity building.”This credit will allow people to put their lives and homes back together,” the World Bank’s Pakistan Director John Wall said in the statement.He said the poor people living in inaccessible mountain areas bore the brunt of the 7.6 magnitude quake losing family members, their homes, assets and work.”This project will support these people rebuilding their houses and restore their livelihood through income transfer.”The credit carries a 10-year grace period and a maturity of 35 years.The bank said reconstruction in quake hit regions could take many years and it would continue to provide assistance and support.Pakistan has received aid pledges of more than six billion dollars, of which two billion dollars is in the form of grants.- Nampa – AFPIn October the Bank’s board approved the first credit of 475 million dollars.The statement said the new package included 220 million dollars support for housing reconstruction, 85 million dollars each for livelihood support and import financing and 10 million dollars for capacity building.”This credit will allow people to put their lives and homes back together,” the World Bank’s Pakistan Director John Wall said in the statement.He said the poor people living in inaccessible mountain areas bore the brunt of the 7.6 magnitude quake losing family members, their homes, assets and work.”This project will support these people rebuilding their houses and restore their livelihood through income transfer.”The credit carries a 10-year grace period and a maturity of 35 years.The bank said reconstruction in quake hit regions could take many years and it would continue to provide assistance and support.Pakistan has received aid pledges of more than six billion dollars, of which two billion dollars is in the form of grants.- Nampa – AFP