Islamabad:
The President of the Asian Development Bank (ADB), Masato Kanda, announced an emergency subsidy of $ 3 million on Friday to support flooding efforts in Pakistan. The subsidy, coming from the response fund to disasters in Asia-Pacific, will contribute to emergency rescue efforts following the request of Pakistan.
“Pakistan is experiencing devastating floods that have moved families and communities, and the BAD is firmly standing with Pakistan during this crisis,” said Kanda. “When disasters strike, we react quickly to help communities rebuild with dignity. This emergency support reflects our lasting commitment to the Pakistani 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 Prime Minister Shehbaz Sharif. After having expressed his sympathies for the victims of the floods, they discussed transformative investments, improved the commitment of the private sector and the role of Pakistan as a strategic supplier of critical minerals for the global transition of clean energy.
Their discussions also covered substantial capital investments in AfDB in transport, energy and urban infrastructure, as well as in the development of human capital through education and health programs.
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Kanda praised the progress made by the Pakistani government on reforms, noting the recent upgrades of sovereign ratings by the main credit rating agencies, which were supported by significant improvements in the mobilization of national resources.
He reaffirmed ADB’s commitment to deepen his partnership with Pakistan. They also discussed ADB’s approval by a funding set of $ 410 million for the Reko Diq mining project on August 21, marking the BAD return to financing the mining sector after an absence of 40 years.
Reko Diq, one of the largest copper deposits not developed in the world, will position Pakistan as a strategic supplier of critical minerals for the global transition of clean energy. Beyond these discussions, the Bad president’s visit included a direct commitment with communities and businesses.
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He visited the unique center of Benazir Revenue Support Program (BISP) in Islamabad, where he interacted with the program beneficiaries and jointly launched the grievance mechanism of grievances with the president of Bisp Rubina Khalid.
In Lahore, he visited the first Pakistan’s sustainable aviation fuel installation, funded by the AfDB, which will convert cooking oils for sustainable aviation fuel for the export markets. He also got involved with CEOs and business leaders to discuss how the AfDB can support the expansion of opportunities for participation in the private sector and investment through Pakistan.
Since Pakistan became a founding member of the BAD in 1966, the bank initiated more than $ 43 billion to promote inclusive growth and improve infrastructure, energy, transport and social services. The current sovereign portfolio includes 44 operations worth around $ 9 billion.
