By Aamir Latif
KARACHI, Pakistan (AA) - The Asian Development Bank (ADB) will provide $2 billion in annual assistance to Pakistan over the next three years to support infrastructure development and climate-resilient projects, the bank’s chief announced on Tuesday.
During a meeting with Pakistan’s President Asif Zardari in Islamabad, ADB President Masatsugu Asakawa highlighted that Pakistan is dealing with severe impacts of climate change, including accelerated glacier melt, and reaffirmed the bank’s commitment to addressing these challenges.
“Pakistan is facing the harsh realities of climate change, and we are committed to helping mitigate these effects,” Asakawa said in a statement released by the President's Office.
The funds will be directed toward climate resilience and improving infrastructure, supporting the country’s recovery from recent devastating natural disasters.
President Zardari emphasized Pakistan’s urgent need for climate finance, citing the catastrophic floods of 2022, which severely impacted the country’s economy and damaged its agricultural sector and infrastructure. He praised the bank’s continued assistance, especially in the aftermath of the floods, which caused widespread destruction.
The 2022 floods, described as unprecedented, killed 1,700 people, affected 33 million, and caused an estimated $30 billion in losses across multiple provinces, including vast damage to farmland, roads, and schools.
Despite international pledges, Pakistan has only received $10.9 billion of the $30 billion required for post-flood reconstruction, according to a recent report by the Policy and Strategy Committee and the Oversight Board. The $19.1 billion shortfall has slowed efforts to rehabilitate flood-affected areas.
Zardari expressed gratitude for the ADB’s continued support, stressing the importance of their contributions in helping Pakistan overcome its economic and environmental challenges.