ADB president vows to provide $2bn to Pakistan annually

ISLAMABAD: As Pakistan continues to battle with climate change, the Asian Development Bank (ADB) said it would provide $2 billion annually to the country for the next three years to help tackle its challenges.

The development came during a meeting between President Asif Ali Zardari and ADB President Masatsugu Asakawa at the President's House on Tuesday.

During the meeting, also attended by Senators Sherry Rehman and Saleem Mandviwalla, President Zardari called for increased support to address the impacts of climate change.

Emphasising that Pakistan's climate finance needs are substantial, Zardari highlighted that the 2022 floods had a profound impact on the country’s economy as well as on its agriculture sector, educational and road infrastructure.

The head of state briefed the ADB president about the economic and climate-related challenges being faced by inflation-hit country.

He stated that the war on terror had inflicted significant economic damage on the country.

Appreciating the support of ADB towards the socio-economic development of Pakistan, Zardari thanked Asakawa for assisting the country in the wake of the 2022 floods.

Asakawa said that Pakistan is facing severe effects of climate change, particularly with glaciers melting at an accelerated pace. He also reaffirmed the bank’s commitment to supporting infrastructure development and climate-resilient initiatives.

Additionally, he commended the recent signs of economic recovery and stabilisation in Pakistan.

Last week, the ADB approved a $320 million loan to support the rehabilitation of roads in Khyber Pakhtunkhwa, enhancing safe and all-weather connectivity in rural areas.