Geneva (Web Desk): Islamic Development Bank (IDB) has pledged to finance an amount of $4.2 billion over the next three years for achievement of Pakistan's climate resilience and development objectives.
The announcement was made by the President of the Bank, Muhammad Al Jasser while addressing the International Conference on Climate Resilient Pakistan in Geneva on Monday.
He said this amount includes six hundred million dollars of ordinary capital resources from the Islamic Development Bank.
On this occasion, Prime Minister Shehbaz Sharif thanked IDB's financing pledge saying it is very heartening and encouraging.
The premier assured that his government will leave no stone unturned to implement the reconstruction and rehabilitation plan in letter and spirit.
Earlier in the day, the opening session of the International Conference on Climate Resilient Pakistan, co-hosted by Pakistan and the United Nations (UN), began in Geneva.
The moot called for securing global support and forging long-term partnerships to help the country cope with the challenges of devastating floods of 2022.
The conference brought together governments, leaders from the public and private sectors and civil society to support the people and the government of Pakistan to deal with the enormous challenge of post-flood reconstruction and rehabilitation.
As per estimates, the devastating floods in 2022 left one-third of the country submerged, about 15,000 dead or injured and 8 million displaced. Over 2 million homes, 13,000 kilometres of highways, 439 bridges and more than 4 million acres of agricultural land were destroyed or damaged. An estimated 9 million more people could be forced into poverty as a direct consequence of these floods.
