ISLAMABAD: Pakistan and the European Investment Bank (EIB) signed Euro 100 million financing agreement for Sindh Flood Emergency Housing Reconstruction project, marking significant step toward strengthening climate resilience and sustainable recovery.
The project aims at rebuilding communities affected by the catastrophic 2022 floods, according to press release issued by Economic Affairs Ministry.
It said, the landmark agreement was signed by Federal Secretary for the Ministry of Economic Affairs, Muhammad Humair Karim Kidwai and a senior official of the EIB on the sidelines of EU–Pakistan Business Forum.
It was witnessed by the EU’s Ambassador to Pakistan, Raimundas Karoblis, Additional Secretary, Ministry of Economic Affairs, Saeed Ashraf Siddiqi and other officials of the Ministry of Economic Affairs and the European Union.
Sindh Flood Emergency Housing Reconstruction project is one of the largest reconstruction initiatives in the world under which approximately 1.7 million homes, severely damaged by the 2022 floods in the rural areas of Sindh, are being reconstructed.
Major Development Partners including the World Bank, the Asian Development Bank, and the Islamic Development Bank are financing the project alongside the government of Sindh.
With a total estimated cost of the project nearing Euro 1.9 billion, including the Euro 100 million funding from the EIB which will be used to construct 116,580 units of housing, the programme is set to benefit nearly 40 percent of rural households in Sindh.
The initiative reflects a coordinated international effort and underscores a shared commitment to building back better and ensuring long-term resilience against climate-induced disasters.
