ADB approves $500 million loan to boost climate resilience in Pakistan
The Asian Development Bank (ADB) has approved a $500 million loan to enhance climate change and disaster resilience in Pakistan. This program aims to improve planning, preparedness, and response to disasters, building on ADB's previous efforts in the country.
The loan comes after devastating floods in 2022 caused significant loss of life and economic damage. The new program will also support disaster risk financing and promote gender-sensitive public investments, including nature-based solutions for flood management.
Additionally, ADB announced a $1 million technical assistance grant to aid implementation. This follows a commitment to provide $2 billion annually to Pakistan over the next three years for infrastructure and climate-resilient projects.