Islamabad, September 18, 2024 – The Europe Today: The Asian Development Bank (ADB) has pledged to provide $2 billion annually to Pakistan over the next three years to support the country in addressing its climate challenges. This announcement came following a meeting between Pakistan’s President Asif Ali Zardari and ADB President Masatsugu Asakawa at the President’s House on Tuesday.
During the meeting, President Zardari emphasized Pakistan’s urgent need for climate financing, particularly in the wake of the devastating 2022 floods, which severely impacted the nation’s economy, agriculture, educational institutions, and infrastructure. He also highlighted the broader economic challenges facing Pakistan, including the significant toll taken by the ongoing war on terror.
Zardari expressed his gratitude to the ADB for its continued support, particularly in the aftermath of the 2022 floods, which left long-lasting damage across the country. He underscored the importance of ongoing assistance in Pakistan’s efforts to build climate-resilient infrastructure and recover from economic difficulties.
ADB President Asakawa reiterated the bank’s commitment to Pakistan, noting the severe effects of climate change, especially the accelerated melting of glaciers. He praised the recent signs of economic recovery and stabilization in Pakistan, while reaffirming the ADB’s focus on infrastructure development and climate adaptation projects.
In addition to this commitment, the ADB recently approved a $320 million loan to support road rehabilitation in Khyber Pakhtunkhwa, aimed at improving rural connectivity and ensuring all-weather access.
