News
Thursday, March 31, 2011
World Bank approves $125m for flood victimsISLAMABAD: The World Bank approved $125 million credit for the Flood Emergency Cash Transfer Project, designed to support the government of Pakistan’s Citizen’s Damage Compensation Programme (CDCP) in providing cash transfers to more than 1 million flood-affected households. The total programme financing requirement for CDCP is approximately $580 million of which the government has committed to provide $100 million as counterpart funding to match the approximately $480 million donor funds. The CDCP is expected to receive parallel financing from USAID, $190 million, which is confirmed whereas Italy $65 million and Department For International Development up to $100 million are in the process of formalising their contributions to the CDCP. France, Australia, and Canada are considering support for the CDCP as well. In addition to the financing of almost $400 million of cash grants in Phase I of the CDCP, the government has committed $100 million for cash grants to Phase II of the programme. The government of Pakistan, 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 CDPC through effective grievance redressal mechanisms and establishing control and accountability measures to ensure efficient and transparent delivery of the support. sajid chaudhry
Courtesy www.dailytimes.com.pk