The Asian Development Bank (ADB) announced on Tuesday its commitment to provide $2 billion in annual assistance to Pakistan for the next three years. This announcement came during a meeting between ADB President Masatsugu Asakawa and President Asif Ali Zardari, where climate change impacts and support were key discussion points.
Zardari emphasized Pakistan's substantial climate finance needs, particularly following the devastating floods of 2022 that significantly affected the country’s economy, agriculture, and infrastructure. He highlighted the ongoing challenges related to inflation and the economic damage inflicted by the war on terror.
During the meeting, attended by Senators Sherry Rehman and Saleem Mandviwalla, Zardari expressed gratitude for ADB’s support in the aftermath of the floods. Asakawa acknowledged the severe effects of climate change on Pakistan, noting the accelerated melting of glaciers and reaffirmed ADB's commitment to infrastructure development and climate-resilient initiatives.
He also praised the recent signs of economic recovery and stabilization in the country. Just last week, the ADB approved a $320 million loan aimed at rehabilitating roads in Khyber Pakhtunkhwa, enhancing connectivity in rural areas.