On December 11, 2024, Pakistan’s Minister for Economic Affairs, Ahad Cheema, and Asian Development Bank (ADB) Country Director, Xiaoqin (Emma) Fan, reaffirmed the strong commitment to mutual cooperation between Pakistan and the ADB. During a crucial meeting, both sides emphasized the importance of continued collaboration in addressing Pakistan’s climate resilience and broader development goals.
A significant topic of discussion was the ADB’s support for Pakistan’s climate-related initiatives, particularly the successful implementation of the USD 500 million Climate and Disaster Resilience Enhancement Program (CDREP). The program has played a pivotal role in helping Pakistan improve its infrastructure to withstand natural disasters and climate change-related impacts, which are increasingly becoming existential challenges for the nation.
Minister Cheema underscored that climate change is one of Pakistan’s most pressing threats, and he highlighted the ADB’s essential role as a “climate bank” in addressing these challenges. He emphasized the necessity for climate finance to be additional to existing development financing, ensuring that funds dedicated to climate action do not divert from other critical development needs. The Minister expressed gratitude for ADB’s ongoing support, noting its alignment with Pakistan’s broader development priorities, especially in key areas such as tax reforms and the energy sector.
ADB Country Director Xiaoqin Fan expressed her appreciation for the government of Pakistan’s continued support and reaffirmed ADB’s commitment to addressing shared priorities with the country. She acknowledged Pakistan’s proactive approach to tackling climate change, emphasizing that the ADB sees itself as a key partner in the nation’s efforts to build climate resilience.
The meeting also addressed other strategic matters, including ADB’s future role in Pakistan’s development and the potential for further collaboration in key sectors such as public-private partnerships. One of the significant outcomes discussed was ADB’s consideration of extending its Country Partnership Strategy from five to ten years. This new strategy would ensure that the bank’s support remains aligned with Pakistan’s long-term development plans and climate goals.
Moreover, ADB will continue to work closely with the Ministry of Economic Affairs and other stakeholders to ensure that its future projects and investments are closely tied to Pakistan’s national priorities. The bank’s ongoing consultations with key stakeholders will help to refine its strategy, ensuring its interventions are impactful and tailored to the evolving needs of Pakistan.
This reaffirmed commitment between Pakistan and the ADB marks a critical step in the country’s efforts to combat climate change, promote sustainable development, and enhance economic resilience. With ADB’s continued support, Pakistan aims to implement robust climate action strategies and further its development goals in the coming years.