Islamabad: Pakistan and the European Investment Bank have signed a one hundred million Euro agreement for climate resilience.
According to Radio Pakistan, the Government of Pakistan and the European Investment Bank have taken a significant step toward strengthening climate resilience and sustainable recovery by signing a one hundred million Euros financing agreement for the Sindh Flood Emergency Housing Reconstruction project.
Federal Secretary for the Ministry of Economic Affairs Muhammad Humair Karim Kidwai and a senior official of the European Investment Bank signed the landmark agreement on the sidelines of the EU-Pakistan Business Forum in Islamabad. The signing ceremony was witnessed by the EU's Ambassador to Pakistan Raimundas Karoblis, Additional Secretary, Ministry of Economic Affairs, Saeed Ashraf Siddiqi, and other officials from the Ministry of Economic Affairs and the European Union.
The project aims to rebuild communities affected by the 2022 catastrophic floods. The Sindh Flood Emergency Housing Reconstruction project is one of the largest reconstruction initiatives in the world, under which approximately 1.7 million homes, severely damaged by the 2022 floods in the rural areas of Sindh, are being reconstructed.
Major development partners, including the World Bank, the Asian Development Bank, and the Islamic Development Bank, are financing the project alongside the Government of Sindh. With a total estimated cost of the project nearing pound 1.9 billion, including 100 million Euros funding from the European Investment Bank, which will be used to construct 116,580 units of housing, the programme is set to benefit nearly 40 percent of rural households in Sindh.
The initiative reflects a coordinated international effort and underscores a shared commitment to building back better and ensuring long-term resilience against climate-induced disasters.
