Manila (TDI): The Asian Development Bank (ADB) has approved a policy-based loan of $500 million to support the Climate and Disaster Resilience Enhancement Program (CDREP), the bank said in a press release.
“The CDREP will strengthen Pakistan’s institutional capacity for planning, preparedness, and response; increase inclusive investment in disaster risk reduction and climate resilience; and support the scale-up of disaster risk financing using a risk-layered approach,” the ADB said.
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According to the UNFCC, Pakistan contributes only 0.9% to global greenhouse gas (GHG) emissions but is one of the most vulnerable countries to the impacts of climate change. The country’s average losses from disaster events exceed $2 billion per year.
“This program builds on ADB’s longstanding work in Pakistan to understand and reduce climate and disaster risks and support effective disaster response,” said ADB Director General for Central and West Asia Yevgeniy Zhukov.
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“We are proud to support an integrated and comprehensive approach to climate and disaster risk management, including a portfolio of disaster risk financing instruments for timely and adequate funding for disaster response.”
