December 12, 2024 (MLN): Minister for Economic Affairs Ahad Cheema and Asian Development Bank (ADB) Country Director Xiaoqin (Emma) Fan on Wednesday reaffirmed the cooperation on climate change projects.
Minister Cheema praised the successful signing and disbursement of the $500 million Climate and Disaster Resilience Enhancement Program (CDREP), according to the press release issued.
ADB is considering a new Country Partnership Strategy, extending it from 5 to 10 years, and holding consultations with key stakeholders.
Minister also commended ADB's contributions to tax reforms and the power sector, expressing appreciation for its role as a reliable development partner aligned with the priorities of the Government of Pakistan.
Emphasizing climate change as an existential challenge, Minister Cheema emphasized ADB's pivotal role as a “climate bank.”
He also stressed the importance of ensuring climate finance remains additional to existing development envelopes.
ADB Country Director expressed gratitude for the Government of Pakistan’s support and reaffirmed ADB’s commitment to collaborating on shared priorities.
She lauded Pakistan’s proactive engagement and reiterated ADB's role as a key partner in addressing climate challenges.
The meeting discussed mutual interests, including climate change, pipeline projects, strategic programming for the upcoming portfolio, and public-private partnerships.
ADB will continue to work closely with the Ministry of Economic Affairs and other stakeholders to ensure its support aligns with Pakistan’s development priorities.
