The Minister of Economic Affairs for Pakistan, Ahad Cheema, and the Asian Development Bank (ADB) Country Director, Xiaoqin (Emma) Fan, met recently to reaffirm joint commitments to strengthening bilateral collaboration in Islamabad. Minister Cheema has always expressed great appreciation for ADB’s indispensable role in familiarizing itself as the best development partner with Pakistan’s quintessential priorities. Noting tax reforms and the power industry, he stated that the bank has contributed significantly in those sectors and praised the successful implementation of the $500 million Climate and Disaster Resilience Enhancement Programme (CDREP).
Cheema asserted that climate finance must be additional to development funding. He stated that future partnerships will focus significantly on Pakistan’s climate resilience efforts.
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She expressed gratitude for carrying on support by the Government of Pakistan and reiterated ADB’s commitment to working closely with Pakistan on shared priorities. The speaker commended Pakistan for its proactive stance regarding issues of climate change, reiterating ADB’s commitment to be a significant partner in that regard.
The meeting covered collaboration in various areas of mutual interest, such as climate change initiatives and ongoing and upcoming projects and strategic programming for the next decade. ADB is considering bringing the maximum period of its Country Partnership Strategy to ten years from the current five years. Consultations are ongoing with important stakeholders regarding this matter. The bank further pledged to continue engaging closely with the Ministry of Economic Affairs and other partners so that it would be able to support Pakistan in achieving its development goals.
Earlier today, the ADB extended additional funding of 330 million dollars to strengthen social protection programs run by the federal government in Pakistan. The aims of the funding will include grassroots-level projects, poverty eradication, and protection of the vulnerable classes in society, especially women and their families. The loan is expected to further reinforce the existing Integrated Social Protection Development Programme by strengthening the institutional capacity of the BISP.
Another announcement has made that the ADB approved a $200 million loan for upgrading power distribution infrastructure in Pakistan. Under this project, the new infrastructure would include more than 300,000 modernized meter installations with data management and communication systems.