Islamabad: Pakistan and the Asian Development Bank (ADB) today signed a significant loan agreement worth 500 million dollars for the ‘Climate and Disaster Resilience Enhancement Program’.

The agreement was signed at a ceremony in Islamabad by Dr. Kazim Niaz, Secretary of the Ministry of Economic Affairs, and Ms. Emma Fan, Country Director of the Pakistan Resident Mission at ADB.ADB to Invest in Pakistan’s Sustainable Aviation Fuel Project, Contributing Half of $90 Million

While endorsing the agreement, Federal Minister Ahad Cheema stated that the signing of this agreement highlights Pakistan’s commitment to prioritizing climate change initiatives and increasing disaster risk financing through a risk-layered approach.

In their remarks, the Secretary of Economic Affairs and the ADB Country Director emphasized that the program takes a programmatic approach, aiming to strengthen Pakistan’s capacity for climate change adaptation and disaster risk management. They noted that the program would also address the country’s vulnerabilities to natural disasters and the impacts of climate change.

The primary objective of the program is to enhance institutional frameworks for disaster risk management, including improving disaster risk mapping, response coordination, and gender-sensitive public investments.