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Pakistan: National Disaster Risk Management Fund (Additional Financing)

Sovereign (Public) Project | 50316-002 Status: Active

The Project will provide financial and technical support to the National Disaster Risk Management Fund (NDRMF), which is being established as a government-owned non-bank financial intermediary with a corporate structure. The NDRMF will reduce the socio-economic and fiscal vulnerability of the country and its population to natural hazards by prioritizing and financing investments in disaster risk reduction and preparedness that have high economic benefits, taking into account climate change, as well as disaster risks and their impacts. The government will pass on ADB loan funds to the NDRMF as a grant, for on-granting by NDRMF to eligible implementing partners. The NDRMF will finance up to 70% of the cost of eligible subprojects that will enhance Pakistan's resilience to extreme weather events and other natural hazards. The NDRMF will also enter into insurance arrangements to develop markets for the transfer of residual risks that cannot be mitigated.

Project Details

Project Officer
Mian S. Shafi Central and West Asia Department Request for information
Country
  • Pakistan
Sector
  • Finance
 
Project Name National Disaster Risk Management Fund (Additional Financing)
Project Number 50316-002
Country Pakistan
Project Status Active
Project Type / Modality of Assistance Grant
Source of Funding / Amount
Grant 0639-PAK: National Disaster Risk Management Fund (Additional Financing)
Government of Switzerland US$ 1.50 million
Strategic Agendas Environmentally sustainable growth
Inclusive economic growth
Drivers of Change Gender Equity and Mainstreaming
Governance and capacity development
Knowledge solutions
Partnerships
Sector / Subsector

Finance / Infrastructure finance and investment funds

Gender Equity and Mainstreaming Effective gender mainstreaming
Description The Project will provide financial and technical support to the National Disaster Risk Management Fund (NDRMF), which is being established as a government-owned non-bank financial intermediary with a corporate structure. The NDRMF will reduce the socio-economic and fiscal vulnerability of the country and its population to natural hazards by prioritizing and financing investments in disaster risk reduction and preparedness that have high economic benefits, taking into account climate change, as well as disaster risks and their impacts. The government will pass on ADB loan funds to the NDRMF as a grant, for on-granting by NDRMF to eligible implementing partners. The NDRMF will finance up to 70% of the cost of eligible subprojects that will enhance Pakistan's resilience to extreme weather events and other natural hazards. The NDRMF will also enter into insurance arrangements to develop markets for the transfer of residual risks that cannot be mitigated.
Project Rationale and Linkage to Country/Regional Strategy Pakistan faces significant disaster risk and requires substantial financing to tackle it. The country and its population and assets are increasingly exposed and vulnerable to various types of natural hazards. It features in the list of the ten most vulnerable countries impacted by extreme weather events from 1995 to 2014. Increasing natural hazard events over the last 15 years have resulted in significant loss of life, economic damage, and the undoing of development gains. Floods occur frequently and have caused the greatest physical damage. More than 30 million people were affected by just three major floods in 2010, 2011 and 2014, resulting in damage and losses exceeding $14.0 billion. A major earthquake in 2005 caused more than 73,000 deaths and $5.0 billion in losses. The country faces tropical cyclone risk and droughts, including a drought in 2014-2015 which affected more than 3 million people. These events severely impact livelihoods of the poor and vulnerable, result in mass migration, and disrupt trade and commerce, and destabilize markets. Such events negatively impact government budgets, periodically placing significant additional demands on limited public resources for humanitarian relief, early recovery and reconstruction.
Impact

A more disaster-resilient Pakistan with reduced socioeconomic and fiscal vulnerability to natural

hazards and climate variability and change (National Disaster Management Plan, 2012 2022 and

National Flood Protection Plan IV, 2016 2026)

Project Outcome
Description of Outcome

Increased and sustainable institutional and physical capacity to reduce the socioeconomic and fiscal impacts

of natural hazards and climate change

Progress Toward Outcome
Implementation Progress
Description of Project Outputs Investment to reduce vulnerability to natural hazards increased
Status of Implementation Progress (Outputs, Activities, and Issues)
Geographical Location Nation-wide
Safeguard Categories
Environment FI
Involuntary Resettlement FI
Indigenous Peoples FI
Summary of Environmental and Social Aspects
Environmental Aspects
Involuntary Resettlement
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
During Project Design
During Project Implementation
Responsible ADB Officer Mian S. Shafi
Responsible ADB Department Central and West Asia Department
Responsible ADB Division Pakistan Resident Mission
Executing Agencies
Economic Affairs Division (Old)
Pakistan Secretariat,(Old)
C Block, Islamabad
Pakistan
Timetable
Concept Clearance -
Fact Finding -
MRM -
Approval 18 Jan 2019
Last Review Mission -
Last PDS Update 26 Feb 2019

Grant 0639-PAK

Milestones
Approval Signing Date Effectivity Date Closing
Original Revised Actual
18 Jan 2019 22 Mar 2019 28 Jun 2019 17 May 2020 - -
Financing Plan Grant Utilization
Total (Amount in US$ million) Date ADB Others Net Percentage
Project Cost 2.11 Cumulative Contract Awards
ADB 0.00 18 Jan 2019 0.00 0.00 0%
Counterpart 0.61 Cumulative Disbursements
Cofinancing 1.50 18 Jan 2019 0.00 0.00 0%

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Related Publications

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Tenders

No tenders for this project were found.

Contracts Awarded

No contracts awarded for this project were found

Procurement Plan

None currently available.