Asian Development Bank approves USD500M loan to enhance climate resilience in Pakistan
Date
10/30/2024 5:34:38 AM
(MENAFN) The Asian Development bank (ADB) has announced the approval of a USD500 million policy-based loan aimed at enhancing climate and disaster resilience in Pakistan. According to a statement from the bank, the Climate and Disaster Resilience Enhancement Program is designed to bolster Pakistan's institutional capabilities in planning, preparedness, and response to climate-related challenges.
This initiative is set to promote inclusive investments in disaster risk reduction and climate resilience while facilitating the scaling up of disaster risk financing through a risk-layered approach. The ADB emphasized that Pakistan is one of the most vulnerable nations facing climate change and disaster threats, with average annual losses from such events exceeding USD2 billion.
ADB's Director General for Central and West Asia, Yevgeniy Zhukov, stated that this program builds upon the bank's extensive efforts in Pakistan to identify and mitigate climate and disaster risks while supporting effective disaster response mechanisms. The goal is to enhance the country's resilience to disasters through improved mapping and modeling of risks, which will inform development and investment decisions.
Additionally, the program plans to establish a solidarity fund to encourage risk transfer solutions, such as agricultural insurance. It will also implement shock-responsive social protection measures to deliver cash assistance to those impacted by future disasters, further contributing to the overall goal of strengthening disaster resilience in Pakistan.
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