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Reuters
Reuters
Business

Pakistan signs $475 million flood loan deal with ADB

FILE PHOTO: A man rides a boat past toll plaza amid flood water on main Indus highway, following rains and floods during the monsoon season in Sehwan, Pakistan, September 15, 2022. REUTERS/Akhtar Soomro

Pakistan has signed a $475 million loan agreement for flood relief with the Asian Development Bank (ADB), the country's economic affairs minister said on Thursday, taking the total for the year to $2.7 billion with the agency.

Floods caused by abnormal monsoon rains and a melting glacier submerged huge swathes of the country earlier this year and killed nearly 1,700 people, the majority of them children and women.

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