Pakistan signs $500 million climate loan agreement with ADB
Loan aims to enhance institutional frameworks for disaster risk management
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Dr. Kazim Niaz, Secretary of the Ministry of Economic Affairs, and Emma Fan, Country Director, Pakistan Resident Mission, ADB signed the Loan Agreement
PID
Government of Pakistan and Asian Development Bank (ADB) have signed a $500 million loan agreement for the Climate and Disaster Resilience Enhancement Program (CDREP).
Dr. Kazim Niaz, Secretary of the Ministry of Economic Affairs, and Emma Fan, Country Director, Pakistan Resident Mission, ADB signed the Loan Agreement, an official statement noted.
Federal Minister Economic affairs, Ahad Cheema, said, “The signing of the agreement underscores Pakistan’s commitment to prioritize climate change initiatives and scaling up disaster risk financing using a risk-layered approach”.
In a joint statement, Kazim Niaz and Emma Fan said that this program is 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.
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