WB keen to provide $188 million under ecosystem initiative
Statesman Report
ISLAMABAD: The World Bank has shown its interest to provide $188 million to fund the upcoming Ecosystem Restoration Initiative aims at implementing the ‘Ten Billion Tree Tsunami’ and ‘Recharge Pakistan’ programmes.
The $188 million fund will be placed under the National Disaster Risk Management Fund (NDRMF), as it already has a framework and mechanism in place for quick and efficient disbursement of the money.
NDRMF has already been financing projects through funding being arranged from the Asian Development Bank, said a press release issued on Sunday.
The Ecosystem Restoration Initiative in addition to financing afforestation projects such as the Ten Billion Tree Tsunami would also focus on Recharge Pakistan, E-Vehicles, Marine Life and Blue Economy, Biodiversity and Land Degradation, provision of early warning radars and eco-tourism.
The PTI government has had launched these major initiatives as part of climate change mitigation and adaptation, and fighting environmental degradation.
The TBTT project is an up-scaled version of the project implemented by the PTI government in Khyber-Pakhtunkhwa between 2013 and 2018.