ISLAMABAD, (TDI): Pakistan’s Minister for Economic Affairs, Ahad Cheema, and the Asian Development Bank (ADB) Country Director, Xiaoqin (Emma) Fan, have reaffirmed their commitment to deepening bilateral cooperation during a meeting in Islamabad.
Minister Cheema praised ADB’s longstanding role as a trusted development partner, noting its alignment with Pakistan’s key priorities.
He highlighted the bank’s significant contributions to vital sectors, including tax reforms and the power industry, and commended the successful implementation of the USD 500 million Climate and Disaster Resilience Enhancement Programme (CDREP).
With climate change is increasingly seen as an existential threat, Cheema underscored ADB’s crucial role as a “climate bank,” emphasising the need to ensure climate finance is additional to existing development funding. He stressed that Pakistan’s climate resilience efforts must remain a central focus in future collaborations.
In response, Ms. Fan expressed gratitude for the Government of Pakistan’s ongoing support and reaffirmed ADB’s commitment to working closely with Pakistan on shared priorities. She acknowledged the country’s proactive approach to addressing climate challenges and reiterated ADB’s role as a key partner in this endeavor.
The meeting covered several areas of mutual interest, including climate change initiatives, ongoing and upcoming projects, and the strategic programming for the next decade.
ADB is exploring the extension of its Country Partnership Strategy from five to ten years, with consultations currently underway with key stakeholders.
The bank pledged to continue collaborating closely with the Ministry of Economic Affairs and other partners to ensure its support aligns with Pakistan’s development goals.
Earlier today, the Asian Development Bank (ADB) granted an additional 330 million dollars in financing to enhance Pakistan’s federally administered social protection initiatives.
The funding aims to boost grassroots-level programs, eradicate poverty, and support vulnerable populations, especially women and their families.
The loan will bolster the current Integrated Social Protection Development Programme by strengthening the institutional capacity of the BISP.
In a separate statement, the ADB approved a $200 million loan to modernize power distribution infrastructure in Pakistan.
Under the project, over 300,000 advanced metering systems will be installed along with data management and communication systems.
