Pakistan, ADB reaffirm commitment to mutual cooperation, climate action

ISLAMABAD: Minister for Economic Affairs Ahad Cheema and Asian Development Bank (ADB) Country Director Xiaoqin (Emma) Fan reaffirmed their commitment to mutual cooperation during a meeting held at Islamabad, said a press release issued on Wednesday.

Cheema expressed appreciation for ADB’s role as a reliable development partner, aligning its priorities with the Government of Pakistan. He commended ADB’s contributions to tax reforms and the power sector, as well as the successful signing and disbursement of the USD 500 million Climate and Disaster Resilience Enhancement Program (CDREP).

Highlighting climate change as an existential challenge, Minister Cheema emphasized ADB’s pivotal role as a “climate bank” and stressed the importance of ensuring climate finance remains additional to existing development envelopes.

Fan expressed gratitude for the Government of Pakistan’s support and reaffirmed ADB’s commitment to collaborating on shared priorities. She commended Pakistan’s proactive engagement and reiterated ADB’s role as a key partner in addressing climate challenges.

The meeting discussed mutual interests, including climate change, pipeline projects, strategic programming for the upcoming portfolio, and public-private partnerships. The ADB is considering a new Country Partnership Strategy, extending it from 5 to 10 years, and holding consultations with key stakeholders.

The ADB will continue to work closely with the Ministry of Economic Affairs and other stakeholders to ensure its support aligns with Pakistan’s development priorities.

Copyright Business Recorder, 2024