Karachi: The Sindh government has formed a company to manage loans worth PKR 110 billion from the World Bank (WB) for construction of houses collapsed during floods, news sources reported on October 13.
The company will manage donor funds for the construction of 1.8 million houses in the province’s flood-affected districts. At a meeting with the WB delegation, Chief Minister (CM) Murad Ali Shah shared the company’s details and also updated the donors on the company’s progress and structure. He said that the firm has been registered with the Securities and Exchange Commission of Pakistan (SECP) to manage resources as advised by the World Bank.
Shah has informed that the provincial government has appointed Khalid Sheikh as the first Chief Executive Officer (CEO) of the company, while members of the Board of Directors (BOD) are being nominated. The Sindh govt. has also put PKR 500 million seed money, said The WB delegation also announced the possibility of USD 94 million in loans and support for reconstructing the current flood-damaged irrigation infrastructure.
It is important to note that the World Bank has restructured loans and provided USD 30 million for the country’s rehabilitation and reconstruction efforts. The flood has destroyed livelihoods and infrastructure in all provinces, causing an estimated USD 30 billion in damage. Several countries and donor agencies have already pledged funds to help rebuild the damaged areas.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
