LAHORE: The Asian Development Bank (ADB) has okayed a loan of $8.62 million to Pakistan as part of a developmental financing package, according to an official statement issued on Thursday.
According to details, the funds will be used to establish stable aviation fuel reserves in the country. A private aviation fuel storage facility is planned to be set up in Sheikhupura, Punjab.
The loan falls under the climate support framework aimed at financing infrastructure projects. The initiative is expected to reduce carbon emissions in the aviation industry.
On November 29, the State Bank of Pakistan (SBP) received a $500 million loan from the Asian Development Bank (ADB).
According to the SBP, this amount will be added to the foreign exchange reserves next week. The SBP says the ADB has given this amount to deal with the impact of climate change in Pakistan.
On October 29, the Asian Development Bank (ADB) approved a US$500 million policy-based loan to support climate change and disaster risk reduction and resilience in Pakistan.
In a statement issued here, the ADB maintained that the Climate and Disaster Resilience Enhancement Program (CDREP) will strengthen Pakistan’s institutional capacity for planning, preparedness, and response; increase inclusive investment in disaster risk reduction and climate resilience; and support the scale up of disaster risk financing using a risk-layered approach.
At a recent event with UNICEF at the COP 29 Summit in Baku, Azerbaijan, Pakistan affirmed its commitment to protecting the rights and interests of children and young people in the face of climate change.
