Pakistan and the European Investment Bank have signed one hundred million Euro agreement for Climate Resilience.

According to details, the Government of Pakistan and the European Investment Bank have taken a significant step toward strengthening climate resilience and sustainable recovery by signing a one hundred million Euros financing agreement for Sindh Flood Emergency Housing Reconstruction project.

Federal Secretary for the Ministry of Economic Affairs Muhammad Humair Karim Kidwai and a senior official of  the European Investment Bank signed the landmark agreement on the sidelines of EU-Pakistan Business Forum in Islamabad.

The signing ceremony was witnessed by the EU's Ambassador to Pakistan Raimundas Karoblis, Additional Secretary, Ministry of Economic Affairs, Saeed Ashraf Siddiqi and other officials of the Ministry of Economic Affairs and the European Union.

The project aims at rebuilding communities affected by the 2022 catastrophic floods.

Sindh Flood Emergency Housing Reconstruction project is one of the largest reconstruction initiatives in the world under which approximately 1.7 million homes, severely damaged by the 2022 floods in the rural areas of Sindh, are being reconstructed.

Major development partners including the World Bank, the Asian Development Bank, and the Islamic Development Bank are financing the project alongside the Government of Sindh.

With a total estimated cost of the project nearing € one point nine billion Euros, including 100 million Euros funding from the European Investment Bank which will be used to construct one lac sixteen thousand five hundred eighty units of housing, the programme is set to benefit nearly 40 percent of rural households in Sindh.

The initiative reflects a coordinated international effort and underscores a shared commitment to building back better and ensuring long-term resilience against climate-induced disasters.