Islamabad:
The president of Asian Development Bank (ADB), Masato Kanda, announced an emergency subsidy of $ 3 million on Friday to support the efforts of flooding floods in Pakistan. The subsidy, obtained from the Disaster Response Fund of Asia Pacific, will help with emergency relief efforts after Pakistan’s application.
“Pakistan is experiencing devastating floods that has displaced families and communities, and ADB is firmly with Pakistan during this crisis,” Kanda said. “When disasters attack, we respond quickly to help communities reconstruct with dignity. This emergency support reflects our lasting commitment to Pakistan people through immediate humanitarian needs and long -term development,” he added.
The president of the ADB is currently on a three -day visit to Pakistan, during which he met with Prime Minister Shehbaz Sharif. After expressing their sympathy for the victims of the flood, they discussed transformative investments, an improved commitment of the private sector and the role of Pakistan as a strategic supplier of critical minerals for the global clean energy transition.
Their discussions also covered BAD substantial capital investments in transport, energy and urban infrastructure, as well as the development of human capital through education and health programs.
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Kanda welcomed the progress made by the Pakistan government in reforms, pointing out the recent improvements of sovereign grades of the main credit rating agencies, which were backed by significant improvements in the mobilization of national resources.
He reaffirmed ADB’s commitment to deepen his association with Pakistan. They also discussed the approval of ADB of a financing package of $ 410 million for the Reko DIQ mining project on August 21, marking ADB return to the financing of the mining sector after an absence of 40 years.
Reko Diq, one of the largest copper gold deposits in the world, will position Pakistan as a strategic supplier of critical minerals for the global clean energy transition. Beyond these discussions, the visit of the president of the ADB included a direct commitment to communities and companies.
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He toured the One Window center of the Benazir Income Support Program (BISP) in Islamabad, where he interacted with the beneficiaries of the program and jointly launched the complaint repair mechanism with the Senator of the Bisp Silla Rubina Khalid.
In Lahore, he visited the first sustainable aviation fuel installation of Pakistan, financed by ADB, which will convert waste kitchen oils into sustainable aviation fuel for export markets. He also committed to CEO and business leaders to discuss how ADB can support the expansion of private sector participation and investment opportunities throughout Pakistan.
Since Pakistan became a founding member of ADB in 1966, the bank has compromised more than $ 43 billion to promote inclusive growth and improve infrastructure, energy, transport and social services. The current sovereign portfolio includes 44 operations valued at approximately $ 9 billion.
