Pakistan, ADB Reaffirm Commitment To Mutual Cooperation, Climate Action

Minister for Economic Affairs Ahad Cheema and Asian Development Bank (ADB) Country Director Xiaoqin (Emma) Fan on Wednesday reaffirmed their commitment to mutual cooperation between Pakistan and ADB

ISLAMABAD, (UrduPoint / Pakistan Point News - 11th Dec, 2024) Minister for Economic Affairs Ahad Cheema and Asian Development Bank (ADB) Country Director Xiaoqin (Emma) Fan on Wednesday reaffirmed their commitment to mutual cooperation between Pakistan and ADB.

During a meeting, the discussion highlighted ADB's crucial role in supporting Pakistan's climate resilience and development priorities, including the successful USD 500 million Climate and Disaster Resilience Enhancement Program (CDREP), said a news release.

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

The minister expressed appreciation for ADB's role as a reliable development partner, aligning its priorities with the government.

He also commended ADB's contributions to tax reforms and the power sector.

ADB Country Director 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.

ADB is considering a new Country Partnership Strategy, extending it from 5 to 10 years, and holding consultations with key stakeholders.

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, it added.