The New Nation - Internet Edition

UNB, Dhaka

Foreign donors have so far pledged US$ 650 million for the reconstruction and rehabilitation works of recurrent floods and the Sidr affected areas of Bangladesh, out of estimated US$ 4 billion required for the purpose in 15 years.

The pledged amount included Asian Development Bank's US$ 120 million, and US$ 60 million each by Japan and UK.

"We're trying to mobilise the rest of the resources," ERD secretary Aminul Islam Bhuiyan told UNB yesterday, immediately after signing three separate IDA loan agreements with the World Bank worth US$ 122.20 million at the NEC conference room. World Bank country director Xian Zhu signed the agreements on behalf of his organisation.

"The fund will be used for quick rehabilitation of the damages by Sidr," Zhu said.

Replying to a question, he said the joint assessment team of Bangladesh and donors estimated that around US$ 4 billion would be required for rehabilitation and reconstruction of the flood and Sidr devastation.

In accordance with the agreements signed today, US$ 70 million would be reallocated from four ongoing World Bank-financed projects for the purpose of reconstruction and rehabilitation of infrastructure and losses caused by recent floods.

Social Investment Project US$ 25.0 million, Municipal Service Project US$ 25.0 million, Rural Transport Improvement Project US$ 20.0 million and another US$ 52.2 million would be used through reallocation within seven ongoing projects for restoration.