President for ADB support to address Climate Change impacts

ISLAMABAD: President Asif Ali Zardari has stressed the significant climate finance requirements of Pakistan and urged the Asian Development Bank (ADB) to enhance its support to address climate change impacts.

He shared these thoughts during a meeting with ADB President Masatsugu Asakawa, who visited him in Islamabad.

ADB President calls on the Prime Minister

The President underscored the severe effects of climate change and the devastating 2022 floods, which significantly impacted the country’s economy, agriculture, educational institutions, and road infrastructure.

He briefed the ADB President on the economic and climate-related challenges Pakistan is facing, noting that the war on terror has also caused considerable economic damage.

Asif Ali Zardari expressed appreciation for the ADB’s support in Pakistan’s socio-economic development and thanked President Asakawa for the aid provided in response to the 2022 floods.

ADB President Masatsugu Asakawa acknowledged the severe climate change effects on Pakistan, including the accelerated melting of glaciers. He announced that the ADB would provide $2 billion in annual assistance to Pakistan over the next three years and reaffirmed the bank’s commitment to supporting infrastructure projects and climate-resilient initiatives.

He also praised the recent signs of economic recovery and stabilization in Pakistan.