Pakistan, ADB reaffirm commitment to mutual cooperation, climate action
ISLAMABAD: Minister for Economic Affairs, Ahad Cheema, and Asian Development Bank (ADB) Country Director, Xiaoqin (Emma) Fan, reaffirmed their commitment to strengthening collaboration between Pakistan and ADB during a meeting.
The discussions underscored ADB’s vital role in advancing Pakistan’s climate resilience and development objectives, including the successful implementation of the USD 500 million Climate and Disaster Resilience Enhancement Program (CDREP), according to a press release.UK Launches Chevening Mentorship for Young Climate Leaders in Pakistan
Acknowledging climate change as a critical challenge, the minister emphasized ADB’s role as a “climate bank” and highlighted the need for climate financing to complement, rather than replace, existing development funds.
Minister Cheema expressed gratitude for ADB’s consistent support, recognizing it as a dependable development partner aligned with Pakistan’s priorities. He also praised ADB’s contributions to tax reforms and improvements in the power sector.
ADB Country Director Xiaoqin Fan thanked the Government of Pakistan for its continued cooperation and reaffirmed ADB’s commitment to working on shared goals. She lauded Pakistan’s proactive engagement and reiterated ADB’s dedication to addressing climate challenges.
The meeting explored areas of mutual interest, including climate action, project pipelines, strategic programming for upcoming initiatives, and fostering public-private partnerships.
ADB is also formulating a new Country Partnership Strategy, extending its timeframe from five to ten years, with consultations underway involving key stakeholders.
Moving forward, ADB will maintain close collaboration with the Ministry of Economic Affairs and other relevant stakeholders to ensure its assistance aligns with Pakistan’s development goals, the release added.
