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ADB Hands Over First $200 Million for Rebuilding Quake Survivors' Homes.
M2 PRESSWIRE-27 July 2007-Asian Development Bank: ADB Hands Over First $200 Million for Rebuilding Quake Survivors' Homes(C)1994-2007 M2 COMMUNICATIONS LTD
RDATE:25072007
ISLAMABAD, PAKISTAN - The Asian Development Bank (ADB) has released the first tranche of its new $400 million loan to the Government of Pakistan to help rebuild hundreds of thousands of homes lost in the October 2005 earthquake.
ADB is committed to helping the Government of Pakistan ensure that the coming winter is the last one in temporary shelter for many people displaced by the devastating earthquake.
The concessional loan, approved by the ADB Board of Directors in June, is part of ADB's one billion dollar commitment of loans and grants to assist Pakistan in the reconstruction and rehabilitation of earthquake-affected areas. It is being released in two tranches of $200 million each.
The first tranche was transferred on July 17 to reimburse part of the Government's already significant $621.5 million expenditure on housing reconstruction. The second tranche of $200 million will be released in six months, on completion of performance targets jointly agreed on by the Government of Pakistan and ADB.
The loan is intended to help the Government of Pakistan meet its deadline of May 2008 for completing the reconstruction of 585,000 rural homes, compliant with seismic safety requirements.
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Source: HighBeam Research, ADB Hands Over First $200 Million for Rebuilding Quake Survivors'...