Pakistan and Asian Development Bank (ADB) on Tuesday signed a landmark five hundred million dollar loan agreement regarding ‘Climate and Disaster Resilience Enhancement Program’.

Secretary Ministry of Economic Affairs Dr Kazim Niaz, and Country Director, Pakistan Resident Mission, Asian Development Bank Ms Emma Fan, signed the agreement at a ceremony here in Islamabad.

While giving consent to Ministry of Economic Affairs regarding this agreement, the Federal Minister Ahad Cheema said that the signing of the agreement underscores Pakistan’s commitment to prioritize climate change initiatives and scaling up disaster risk financing using a risk-layered approach.

In their remarks, Secretary Economic Affairs and ADB Country Director said this program is designed as a programmatic approach and aims at strengthening Pakistan’s capacity for climate change adaptation and disaster risk management.

They said it will also address the country’s vulnerabilities to natural disasters and climate impacts. The core objective of the program is to enhance institutional frameworks for disaster risk management by improving disaster risk mapping, response coordination, and gender-sensitive public investments.