Islamabad:
Asian Development Bank (ADB) President Masato Kanda announced an emergency fellow of $ 3 million on Friday in support of flooding efforts in Pakistan. The grant, obtained from Asia Pacific Disaster Response Fund, will help with relief efforts at Pakistan’s request.
“Pakistan is experiencing devastating floods that have displaced families and communities, and ADB stands firm with Pakistan during this crisis,” Kanda said. “When disasters strike, we quickly respond to helping societies rebuild with dignity. This emergency support reflects our lasting obligation to Pakistan’s people through both immediate humanitarian needs and long -term development,” he added.
The ADB president is currently on a three-day visit to Pakistan, where he met with Prime Minister Shehbaz Sharif. After expressing his sympathy for flood victims, the transformative investments discussed, improved commitment to the private sector and the role of Pakistan as a strategic supplier of critical minerals to the global clean energy transition.
Their discussions also covered ADB’s significant 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 that the Pakistani government welcomed reforms and noticed the recent superb rating upgrades from major credit rating agencies supported by significant improvements in domestic resource mobilization.
He confirmed ADB’s obligation to elaborate on his partnership with Pakistan. They also discussed the ADBS approval of a $ 410 million financing package for Reko Diq Mining Project on August 21, marking ADB’s return to financing the mining sector after a 40-year absence.
Reko Diq, one of the world’s largest undeveloped copper gold deposits, will place Pakistan as a strategic supplier of critical minerals for the global clean energy transition. In addition to these discussions, the ADB president’s visit included direct engagement with communities and businesses.
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He toured in Benazir Income Support Program (Bisp) ET-Window Center in Islamabad, where he interacted with the program’s recipients and jointly launched the complaints access mechanism with BISP chairman Senator Rubina Khalid.
In Lahore, he visited Pakistan’s first sustainable aviation fuel facility, funded by ADB, which converts waste oil into sustainable aviation fuel for export markets. He also dealt with managers and business leaders to discuss how ADB can support the expansion of the private sector’s participation and investment opportunities throughout Pakistan.
Since Pakistan became a founding member of ADB in 1966, the bank has committed over $ 43 billion to promote inclusive growth and improve infrastructure, energy, transport and social services. The current sovereign portfolio includes 44 operations worth about $ 9 billion.
