The agreement was signed by ADB Country Director Emma Fan and Pakistan’s Secretary of Economic Affairs, Kazim Niaz.
ADB approves $500 million loan to strengthen Pakistan’s climate resilience. The Asian Development Bank (ADB) has announced a $500 million loan for Pakistan to strengthen its capacity to tackle climate change and natural disasters.
ADB approves $500 million loan
According to media reports, the agreement between Pakistan and ADB will provide funds under the Climate and Disaster Resilience Enhancement Program. Pakistan is a victim of Global Climate Change. The World Bank estimates Pakistan’s annual GDP can fall 18-20% by 2050 due to climate change risks.
The statement highlights that the program will enhance Pakistan’s institutional framework for planning, preparation, and response to climate and disaster risks while promoting inclusive investments. It will also introduce innovative financing models based on risk assessment.
Additionally, the ADB has granted $1 million to support the implementation of the Climate and Disaster Resilience Program.
The agreement was signed by ADB Country Director Emma Fan and Pakistan’s Secretary of Economic Affairs, Kazim Niaz.
As ADB approves $500 million loan to strengthen Pakistan’s climate resilience. Pakistan is one of the major recipients of ADB loans for past several years. For instance, Pakistan took loans worth $5.58bn in 2022.
