Belgium agrees to €10 million debt swap for Pakistan Earthquake Fund

By Laura Lutz

Washington, Jan. 31 - The Government of Belgium agreed to cancel about €10 million net present value in debt owed by Pakistan.

Pakistan will transfer the equivalent funds into the Pakistan Earthquake Fund of the Asian Development Bank.

In a similar deal in December, Norway cancelled $20 million equivalent in debt to be transferred to the fund. Finland and Australia have also agreed to contribute $12 million and $15 million, respectively, to the earthquake fund.

The earthquake fund aims to finance projects that support immediate reconstruction, urgent rehabilitation and other development activities.

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