ISLAMABAD: Asian Development Bank (ADB) has informed on Tuesday (29th October, 2024) that it has approved a policy-based loan worth $500 million to support climate change and disaster rick reduction and resilience in Pakistan.

ADB noted that the Climate and Disaster Resilience Enhancement Programme (CDREP) would strengthen Pakistan’s institutional capacity for planning, preparedness, and response; increase inclusive investment in disaster risk reduction and climate resilience; and support the scale-up of disaster risk financing using a risk-layered approach: “Pakistan is one of the most vulnerable countries to climate change and disasters triggered by natural hazards in Asia and the Pacific. Average losses from disaster events exceed $2 billion per year. Women and other vulnerable groups are disproportionately affected by climate change and disaster events.”

ADB Director General for Central and West Asia Yevgeniy Zhukov maintained: “This programme builds on ADB’s longstanding work in Pakistan to understand and reduce climate and disaster risks and support effective disaster response. We are proud to support an integrated and comprehensive approach to climate and disaster risk management, including a portfolio of disaster risk financing instruments for timely and adequate funding for disaster response.”

It may be recalled that the 2022 floods in Pakistan killed 1700 citoyens, incurring losses worth $30 billion.

Newspakistan.tv