Pakistan secures $500m ADB loan for climate resilience program

November 19, 2024 (MLN): Pakistan and the Asian Development Bank (ADB) have signed a landmark $500 million loan agreement for the Climate and Disaster Resilience Enhancement Program (CDREP).

Statement from each side was preceded by the signing of the agreement at the Ministry of Economic Affairs after the approval of Federal Minister Ahad Cheema on November 19, 2024.

Kazim Niaz, Secretary of the Ministry of Economic Affairs, and Emma Fan, Country Director, Pakistan Resident Mission, ADB signed the Loan Agreement.

The ceremony was attended by senior officials from the Government of Pakistan and ADB.

While giving consent to Ministry of Economic Affairs regarding this agreement, the Federal Minister Ahad Cheema said that the signing of the agreement underscores Pakistan’s commitment to prioritize climate change initiatives and scaling up disaster risk financing using a risk-layered approach.

Secretary Economic Affairs and ADB Country Director said that this program is designed as a programmatic approach and aims to strengthen Pakistan's capacity for climate change adaptation and disaster risk management, addressing the country’s vulnerabilities to natural disasters and climate impacts.

The core objective of the program is to enhance institutional frameworks for disaster risk management by improving disaster risk mapping, response coordination, and gender-sensitive public investments. 

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