NDRMF gets US$25 million

The ECC has approved the allocation of $25 million equivalent of funds for the National Disaster Risk Management Fund (NDRMF). The Economic Affairs Division (EAD) has set up the fund to have a government-owned sustainable mechanism to support disaster risk financing instruments that can enhance the country’s resilience to natural calamities. The Asian Development Bank (ADB) has shown an indicative assistance of $1.2bn as loan for this fund. The EAD and ADB had signed a loan agreement for $200 million in December 2016 as the first tranche against the total amount. The ECC also approved a grant of Rs12m as equity share of the government of Pakistan to clear liabilities and financial obligations to facilitate the wind-up process of Pakistan Textile City Limited.