ISLAMABAD, July 16 (APP):The Embassy of Switzerland in Pakistan and the Asian Development Bank (ADB) Monday signed an agreement to support the National Disaster Risk Management Fund (NDRMF), recently established by the government of Pakistan to finance investments in disaster risk reduction and preparedness that have high economic impact.
Under this agreement, the Swiss Agency for Development and Cooperation (SDC) would provide 1.5 million Swiss francs (equivalent to $1.5 million) to the fund.
In addition, the SDC will also provide technical assistance to the fund through the secondment of a Disaster Risk Finance Specialist.
The agreement was signed at the launching ceremony of NDRMF fund, which among others was attended by Finance Minister, Dr. Shamshad, CEO, NDRMF, Lt. Gen (R ) Nadeem Ahmed, Secretaries of various relevant division and officials from National Disaster Management Authority (NDMA) and other relevant departments.
ADB has been working with the government of Pakistan and other development partners to develop a financing window to reduce disasters risks and increase capacity of the government to deal with future challenges.
The efforts resulted in the establishment of the multi-donor NDRMF with an initial contribution of $200 million to reduce socioeconomic and fiscal vulnerability to natural hazards.
Pakistan remains a disaster-prone country with frequent floods and other disasters caused by climate change.
In the last 15 years, Pakistan lost 85,000 people, including more than 26,000 children, and suffered substantial economic losses due to various disasters.
The government as well as the affected people had limited capacity and resources to recover, resulting in disproportionate compensations to affected individuals.
NDRMF was established to close the gap not only in the aftermath of disasters but also make investments in projects meant to mitigate disaster risks.
Switzerland has been working closely with disaster management authorities at the national, Khyber Pakhtunkhwa, and former FATA levels to prevent disasters in Pakistan’s most vulnerable areas.