Pakistan, ADB sign agreement on climate resilience

A $500 million loan deal for the Climate and Disaster Resilience Enhancement Program (CDREP) was signed by Pakistan and the Asian Development Bank (ADB) on Tuesday.

According to a press statement from the Economic Affairs Division (EAD), the deal was signed following Ahad Cheema’s approval as Federal Minister for Economic Affairs.

The Loan Agreement was signed by ADB Country Director Ms. Emma Fan and Dr. Kazim Niaz, Secretary of the Ministry of Economic Affairs. Senior government and ADB officials were present during the occasion.

Cheema stated that signing the agreement demonstrates Pakistan’s resolve to give climate change efforts top priority and to increase disaster risk funding through a risk-layered strategy.