ISLAMABAD: The Asian Development Bank (ADB) said it would provide $2 billion in annual assistance to Pakistan over the next three years.
ADB President Masatsugu Asakawa said this during a meeting with President Asif Ali Zardari wherein the latter 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.
During the meeting, which was also attended by Senators Sherry Rehman and Saleem Mandviwalla, 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.
