ADB pledges $2bn annual assistance over 3 years to aid Pakistan

September 18, 2024 (MLN): The Asian Development Bank (ADB) would provide $2 billion in annual assistance to Pakistan over the next three years, Masatsugu Asakawa, President of the Asian Development Bank (ADB) said on Tuesday.

Masatsugu Asakawa said that Pakistan is facing severe effects of climate change, particularly with glaciers melting at an accelerated pace. He reaffirmed the bank’s commitment to supporting infrastructure development and climate-resilient initiatives.

Additionally, he commended the recent signs of economic recovery and stabilization in Pakistan.

President Asif Ali Zardari met with the visiting President of Asian Development Bank yesterday, said a press release issued.

Zardari emphasized that Pakistan’s climate finance needs are substantial and called for increased support from the ADB to address the impacts of climate change.

He highlighted that the severe climate changes and devastating floods of 2022 had a profound impact on the country's economy as well as on its agriculture sector, educational and road infrastructure.

The President briefed the ADB President about the economic and climate-related challenges being faced by Pakistan.

He stated that the war on terror had inflicted significant economic damage on the country.

The President appreciated the support of ADB towards the socio-economic development of Pakistan.

He also thanked the President ADB for assisting Pakistan in the wake of the 2022 floods.

Copyright Mettis Link News