An agreement of $188 million for disaster resilience and restoration of ecosystem in Pakistan was signed between the country and the World Bank on Monday.
The five-year $188 million ‘Pakistan Hydromet and Ecosystem Restoration Services project’, is meant for overall environmental protection through forest regeneration and biodiversity conservation programmes and boosting country’s climate-resilience through enhanced disaster risk management.
Under the agreement, the World Bank would join hands with Pakistan and providing funding and technical support to latter’s disaster resilience and ecosystem restoration initiatives through more reliable and timely weather forecasting, improved disaster risk management services as well as overall environmental sustainability and achieving green growth targets of the country.
“This is the first time that Pakistan has successes to win heft funding of US 188 million for an ambitious five-year project that aims to address environmental degradation, deforestation, climate change-caused disaster risks in the country through nature-based solutions such as increasing forest cover, strengthening hydro-meteorological forecasting for effective delivery of disaster risk management services.”
Explaining about the green economic stimulus, Malik Amin said that it supports the objectives of 10 Billion Tree Tsunami Afforestation Project, which is aimed at bolstering plantations, setting up of nurseries, natural forests, and promotion of honey, fruits and olive plantation in Pakistan.