Asian Development Bank approves $500m loan to help Pakistan strengthen disaster preparedness

ISLAMABAD: The Asian Development Bank (ADB) on Wednesday approved contingent disaster financing (CDF) facilities up to $500 million for Pakistan to withstand disasters and facilitate disaster response. In a statement, the Manila-based lending agency said the funds will provide prompt budget support following eligible disaster events to help reduce the resulting economic and fiscal impacts. “Floods, earthquakes, and other disasters cause Pakistan an estimated $2 billion in annual average losses,”

Source: Dawn