Islamabad: Pakistan and the Asian Development Bank (ADB) today signed a momentous $500 million loan agreement focused on the ‘Climate and Disaster Resilience Enhancement Program’. The agreement was signed by Secretary Ministry of Economic Affairs Dr. Kazim Niaz and Country Director, Pakistan Resident Mission, Asian Development Bank Ms. Emma Fan during a ceremony held in Islamabad.

According to Radio Pakistan, Federal Minister Ahad Cheema highlighted that the agreement marks a significant step in Pakistan’s dedication to addressing climate change. The initiative aims to enhance disaster risk financing through a comprehensive, risk-layered approach. This move underscores the country’s focus on prioritizing climate change initiatives.

Both Secretary Economic Affairs and the ADB Country Director emphasized that the program adopts a programmatic approach designed to bolster Pakistan’s capabilities in climate change adaptation and disaster risk management. The agreement will specifically target the nation’s vulne
rabilities to natural disasters and climate impacts.

The primary objective of the program is to strengthen institutional frameworks for disaster risk management. This will be achieved by improving disaster risk mapping, enhancing response coordination, and promoting gender-sensitive public investments, thereby aiming for a comprehensive approach to resilience.