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Asian Development Bank will provide 200 million US dollars, while Australia will extend grant of 4.5 million  Australian dollars for National Disaster Risk Management (NDRM) to Pakistan.

Agreements to this effect were signed in Islamabad on Friday.

Speaking on the occasion, Finance Minister Ishaq Dar said Pakistan is to establish a new Public Limited Company for the purpose of better management of future disasters.  He said we had been in dialogue with the Asian Development Bank for quite some time and now it has agreed to provide over one billion dollars in five tranches to better cope with the natural calamities. He said Pakistan has faced severe floods and earthquake in the past and today's development will help the country to better equip itself deal with them.

Country Director Asian Development Werner Liepach said the bank will continue to work with Pakistan in different sectors. He said today's agreement will help country better prepare itself for any future disaster.

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