$4 Billion in Flood Relief Pledged to Pakistan by Islamic Banka

The Islamic Development Bank has pledged $4.2 billion to Pakistan over three years to help the country finance its rebuilding plan after devastating floods left a third of the nation inundated in the summer, a minister said.

Pakistan's information minister Marrirum Aurangzeb praised the international community and development partners for their compassion towards flood victims in a Twitter post after an appeal by Prime Minister Shehbaz Sharif at a conference in Geneva on Monday. The European Union pledged equivalent to $534 million for the reconstruction plan, President European Commission Ursula Von Der Leyen said in a message at the conference.

The Asian Development Bank has announced that it will reprioritize up to $1 billion for climate and disaster risk reconstruction over the next three years. This is according to a statement by the lender, which cites vice president Shixin Chen.

At the conference, Sharif appealed for $8 billion from the global community to help the country rebuild houses and farms along with rehabilitate people impacted by the floods. He said the nation plans to fund the remaining half of the total financing need from its own resources.

Sharif made a plea for support at a conference co-hosted by Pakistan and the United Nations, saying that many people have lost their life savings, homes, and livelihoods. He noted that some are now facing the harshness of winter outdoors.

Pakistan is pleading for international assistance after being hit by devastating floods. The country's prime minister has said that the damage caused by the floods is far worse than what was initially thought, and that the country urgently needs help. He also said that many people have lost everything and that the government is doing everything it can to help them.

Pakistan’s floods have killed more than 1,700 people and cut the nation’s growth by half. The United Nations has said that the global community has not provided enough funds after the floods.

Ishaq Dar, the nation's finance minister, has said that the nation is open to debt swaps and other financial instruments with friendly countries that will help free up resources to spend on flood-related activities.