Pakistan, ADB ink $500m loan agreement as promised in October

ISLAMABAD: The Government of Pakistan and Asian Development Bank (ADB) have signed the $500 million loan agreement for the Climate and Disaster Resilience Enhancement Program (CDREP). ADB initially committed to the loan program earlier this year in October.

The loan is targeted to climate change initiatives and for scaling up disaster risk financing using a risk-layered approach.

Ministry of Economic Affairs Secretary Dr Kazim Niaz and ADB Pakistan Resident Mission Country Director Ms Emma Fan signed the loan agreement. The documents were signed today (November 19) at the Ministry of Economic Affairs after the approval of Federal Minister Ahad Cheema.

Senior officials from the ADB and from the Government of Pakistan attended the signing ceremony. The participants 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.

With the help of this financing, Pakistan will be better able to address the country’s vulnerabilities to natural disasters and climate impacts.

A statement released by the Ministry of Economic Affairs said that 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.

Also read: $500 million ADB loan to support Pakistan’s fight against climate change