Pakistan and ADB Reaffirm Commitment to Climate Action and Development Cooperation

Pakistan and the Asian Development Bank (ADB) reaffirmed their commitment to deepening cooperation in a pivotal meeting on Wednesday, with a strong focus on addressing climate challenges and advancing the country’s development agenda.

Minister for Economic Affairs, Ahad Cheema, and ADB Country Director, Xiaoqin (Emma) Fan, emphasized the significant role of the ADB in supporting Pakistan’s climate resilience. They discussed key initiatives such as the successful USD 500 million Climate and Disaster Resilience Enhancement Program (CDREP), designed to help Pakistan tackle climate-related risks.

Cheema highlighted the urgency of climate change as a critical issue and called on the ADB to continue acting as a “climate bank.” He stressed that climate finance must be additional to existing development funding to effectively address both climate and development challenges.

Acknowledging the ADB’s consistent support, Cheema praised the bank for aligning its efforts with Pakistan’s national priorities, particularly in areas like tax reform and the power sector.

For her part, ADB’s Xiaoqin Fan expressed gratitude for Pakistan’s ongoing cooperation and reiterated the bank’s commitment to supporting the country in addressing climate change. She also welcomed Pakistan’s proactive approach to climate resilience and highlighted ADB’s role as a crucial partner in the nation’s development trajectory.

The two sides also discussed future priorities, including climate initiatives, public-private partnerships, and ongoing projects. ADB is considering a longer-term Country Partnership Strategy, extending its horizon from 5 to 10 years, and engaging with stakeholders to ensure alignment with Pakistan’s evolving development needs.