The Asian Development Bank has decided to establish "Pakistan Earthquake Fund (PEF)", special fund and will initially contribute $80 million in response to the special needs of Pakistan regarding the earthquake, after consultations with stakeholders, it was learnt here on Thursday.
Under the special fund, investment grants will be provided in accordance with the Pakistan Earthquake Fund Grant Regulations (PEF Grant Regulations), while technical assistance will be provided in accordance with the Pakistan Earthquake Fund Technical Assistance Grant Regulations (PEF TA Regulations).
The ADB sources said, a dedicated fund was needed to provide the financing required by Pakistan for immediate reconstruction and associated development activities.
The PEF's objective is to pool and deliver emergency grant financing promptly and effectively to Pakistan for investment projects and TAs to support immediate reconstruction and associated development activities. Priority will be given to activities to address immediate requirements.
The PEF will provide ADB with a dedicated source of grant financing to support multi-sector priority rehabilitation and reconstruction needs. The PEF will accept contributions from bilateral and other sources.
The ADB would make every effort to ensure that the funds were rapidly and effectively disbursed from the PEF for emergency investment projects and technical assistance (TA) in Pakistan.
The PEF may also provide an expedient means for other development partners to extend their own grant resources jointly with ADB, sources explained.
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