World Bank approves 125-mn-dollar support for Pakistan flood victimsMarch 31st, 2011 - 5:19 pm ICT by ANI
Islamabad, Mar 31(ANI): The World Bank has approved a 125-million-dollar credit for the Flood Emergency Cash Transfer Project designed to support the Pakistan Government’s Citizen’s Damage Compensation Programme (CDCP) for providing cash transfers to over one million Pakistani households affected by last year’s floods.
The total programme-financing requirement for the CDCP is approximately 580 million dollars, of which the government has committed to provide 100 million dollars as counterpart funding to match the approximately 480-million-dollar donor funds.
The CDCP is expected to receive confirmed parallel financing from USAID, whereas Italy and the Department For International Development are in the process of formalising their contributions to the programme, the Daily Times reports.
France, Australia, and Canada are also considering providing support to the CDCP, the report said.
In addition to the financing of almost 400 million dollars of cash grants in Phase I of the programme, the government has committed another 100-million-dollar cash grant for Phase II of the CDCP.
The Pakistan Government, the co-financing donors and the International Development Association will enter into a Memorandum of Understanding (MoU), committing the necessary resources for the CDCP as a condition of effectiveness.
The project will also strengthen the management of the Citizen’s Damage Compensation Programme through effective grievance redressal mechanisms and the establishment of control and accountability measures to ensure efficient and transparent delivery of the cash support. (ANI)
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