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- OPEC Fund joins Pakistan emergency relief action with US$1 million grant
OPEC Fund joins Pakistan emergency relief action with US$1 million grant
September 21, 2022: Responding to Pakistan’s worst floods in decades the OPEC Fund for International Development has approved a US$1 million emergency grant for immediate aid to victims of the natural disaster. The funds will help address pressing needs such as shelter, livelihood, health and water & sanitation as well as support the implementation of the overall relief operation.
Calling the incessant monsoon rains a "climate-induced humanitarian crisis of epic proportions", the government of Pakistan declared a "national emergency" in late August. By early September, more than 33 million people have been affected by the floods. Destruction is particularly severe in disadvantaged and vulnerable communities.
OPEC Fund Director-General Dr. Abdulhamid Alkhalifa said:
“This emergency grant addresses an urgency of truly horrific dimensions. We are standing by the people of Pakistan, taking quick, decisive and joint action to ease the consequences of this terrible disaster and help the country get back on its feet.”
According to the latest estimates, more than 1,500 people have been killed by the floods to date. Across the country, about 150 bridges and 3,500 kilometers of roads have been destroyed. More than 700,000 livestock and 2 million acres of crops and orchards have also been lost.
The OPEC Fund’s grant will be channeled through the International Federation of Red Cross in support of the Pakistan Red Crescent Society, the leading humanitarian organization in Pakistan.
About the OPEC Fund
The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established by the member countries of OPEC in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$22 billion to development projects in over 125 countries with an estimated total project cost of US$187 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA/Positive Outlook by S&P in 2021. Our vision is a world where sustainable development is a reality for all.