News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors

OLS : ADB, Norway Sign Agreement to Support Pakistan's National Disaster Risk Management Fund

01/13/2020 | 07:23am EDT

ISLAMABAD, PAKISTAN (13 January 2020) - The Asian Development Bank (ADB) and the Royal Norwegian Embassy in Pakistan signed an agreement today to expand support for the National Disaster Risk Management Fund (NDRMF), further strengthening financing for natural disaster risk reduction and preparedness in the country.

Under the agreement, the Government of Norway will provide $5 million to NDRMF from the unused resources of the Pakistan Earthquake Fund. Norway's assistance for NDRMF will be administered by ADB. The Secretary of Pakistan's Economic Affairs Division Mr. Syed Pervaiz Abbas, Ambassador of Norway to Pakistan Mr. Kjell-Gunnar Eriksen, and the Director General of ADB's Strategy, Policy, and Partnerships Department Mr. Tomoyuki Kimura signed the agreement.

NDRMF was approved in 2016 to provide support in the immediate aftermath of disasters and to invest in disaster mitigation projects in Pakistan. ADB provided the initial financing through a $200 million loan while the Government of Australia contributed a $3.4 million grant. In 2018, the Swiss Agency for Development provided a $1.5 million grant and technical assistance via the secondment of disaster risk finance experts.

NDRMF is currently fully operational, financing up to 70% of the cost of eligible projects that enhance Pakistan's resilience to climate change and other natural hazards. It is structured as a nonprofit, government-owned company incorporated with the Securities and Exchange Commission of Pakistan.

In the last 15 years, Pakistan lost 85,000 people-including more than 26,000 children- and suffered substantial economic losses due to various natural disasters. The government as well as the affected people had limited capacity and resources to recover. NDRMF was established to finance projects aimed at mitigating disaster risks, while also developing and piloting disaster risk financing instruments in Pakistan for fiscal risk transfer.

Norway has offered significant financial and technical support to Pakistan including in good governance, education, health, and emergency assistance. Norway worked with ADB and other partners to help Pakistan swiftly rebuild and recover from the 2005 earthquake. Following the heavy floods which devastated large parts of Pakistan in 2010 and 2011, Norway provided more than $56.4 million in aid for flood-affected families and to restore basic services.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members-49 from the region.


ADB - Asian Development Bank published this content on 13 January 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 January 2020 12:22:00 UTC

© Publicnow 2020
Latest news "Companies"
08:02aGlobal Crossing Airlines Announces European Summer Wet Lease Program with TUI fly Netherlands
08:02aFarmers National Banc Corp. and Emclaire Financial Corp. Announce Election Deadline of July 19, 2022
08:01aAcuCort is granted SME status by the European Medicines Agency, EMA
08:01aGolden Shield Upsizes Private Placement
08:01aScotiabank and Pathways to Education announce $900,000 partnership to help newcomer youth living in low-income communities stay in school
08:01aBald Eagle Mails and Files Circular Relating to its Annual General and Special Meeting of Shareholders
08:01aGoodbye Kansas Group receives new VFX order
08:01aGlobal Crossing Airlines Announces European Summer Wet Lease Program with TUI fly Netherlands
08:01aCN to Invest $40 Million in New Brunswick Enabling Sustainable Growth and Advancing the Company's Commitment to Safety
08:01aGoeasy Ltd. Announces Strategic Partnership & Investment in Canada Drives, Canada's Largest Online Car Buying Platform
Latest news "Companies"