ISLAMABAD: Pakistan and Asian Development Bank (ADB) here on Tuesday signed US$500 million loan agreement for the Climate and Disaster Resilience Enhancement Program (CDREP).
The agreement was signed after the approval of Federal Minister for Economic Affairs, Ahad Cheema, according to press release issued by the Economic Affairs Division (EAD).
Secretary of the Ministry of Economic Affairs, Dr. Kazim Niaz and ADB Country Director, Ms. Emma Fan signed the Loan Agreement. The ceremony was attended by senior officials from the government and ADB, the statement added.
Federal Minister Ahad Cheema, while giving consent regarding the agreement, said that signing of the agreement underscores Pakistan’s commitment to prioritize climate change initiatives and scaling up disaster risk financing using a risk-layered approach.
Secretary Economic Affairs and ADB Country Director said that this program was designed as a programmatic approach and aims to strengthen Pakistan’s capacity for climate change adaptation and disaster risk management, addressing the country’s vulnerabilities to natural disasters and climate impacts.
The core objective of the program is to enhance institutional frameworks for disaster risk management by improving disaster risk mapping, response coordination, and gender-sensitive public investments.
