Asian Development Bank Assures Support to Pakistan in Mitigating Climate Change Crisis

Islamabad: Asian Development Bank (ADB) President Masatsugu Asakawa has said the $1.5bn countercyclical loan for Pakistan was under process and would be approved in October, 2022.

“The ADB would continue its support in mitigating the climate change-related crisis in Pakistan,” he said while answering a question.

The assurance was given by the Bank’s President Masatsugu Asakawa during a virtual press conference on the occasion of 55th ADB annual meetings.

“The ADB will provide $14bn in support from 2022 to 2025 to address food security,” he said, adding this response to the Asia and the Pacific region will be comprehensive, bringing into focus both the immediate and long-term aspects of food security.

Responding to a question, Mr Asakawa expressed grief over the unprecedented devastation caused by the recent flooding in Pakistan and said the ADB had immediately approved a $3 million grant for emergency relief efforts and to provide food, medical and other relief goods to the affected people. He said the bank was aware of the sufferings of people and was committed to helping Pakistan overcome the devastating impact of this natural disaster and provide immediate relief to affected families.

Funding will help Pakistan mitigate food security challenges

He said he had assured the Pakistani leadership and the people that the ADB stood with the government to build resilient infrastructure for climate change and there were a couple of other channels with which the bank would work to not only support food security and reconstruction efforts over the long run besides more general financial support to deal with challenges caused by Russia-Ukraine war, commodity prices and international financial crisis.

The 55th Annual Meeting of the Asian Development Bank (ADB) Board of Governors started in Manila, Philippines.

The ADB Annual Meeting provides an opportunity to engage with other ADB member countries, including those in the Pacific and South East Asia, on key issues such as promoting economic recovery, climate change and financing development in Asia and the Pacific, sources said.