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Summary
World Bank and Japan on Friday pledged to give $250million and $233million respectively to Pakistan for economic recovery and uplift, Dunya News reported on Friday. The World Banks money is meant for the rehabilitation and reconstruction of Khyber Pakhtunkhwa and tribal areas. The multi-donor trust would give 350million in this respect. Meanwhile, the Government of Japan extended a soft loan of $ 233 million to the Government of Pakistan with a view to promoting the economic stabilization and development efforts of the Government of Pakistan.The notes were signed and exchanged between Mr Chihiro Atsumi, Ambassador of Japan to Pakistan and Mr Sibtain Fazal Halim, Secretary Economic Affairs Division, Government of Pakistan here on Friday.At the Pakistan Development Forum in November 2010, the Government of Japan pledged $ 500 million worth of assistance, which aimed at rehabilitation and reconstruction of the areas affected by the floods. By signing the notes, all the pledged amount is put into the implementation phase. The soft loan combined two components:According to a press release, $174 million would be allocated for Khyber Pakhtunkhwa Emergency Rural Road Rehabilitation Project.It said that $ 59 million would be utilized to cover payment of essential items for flood disaster restoration such as foods, fertilizers, seeds, construction materials and construction machineries.
