Pakistan receives $500mln from ADB

The State Bank of Pakistan (SBP) received a $500 million loan from the Asian Development Bank (ADB).

According to the SBP, this amount will be added to the foreign exchange reserves next week. The SBP says the ADB has given this amount to deal with the impact of climate change in Pakistan.

On October 29, the Asian Development Bank (ADB) approved a US$500 million policy-based loan to support climate change and disaster risk reduction and resilience in Pakistan.

In a statement issued here, the ADB maintained that the Climate and Disaster Resilience Enhancement Program (CDREP) will 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.

At a recent event with UNICEF at the COP 29 Summit in Baku, Azerbaijan, Pakistan affirmed its commitment to protecting the rights and interests of children and young people in the face of climate change.

Leaders from the Government of Pakistan signed the Declaration on Children, Youth and Climate Action, a pledge by champion governments to uphold priorities identified by children and youth across the world.

The signature is a significant step towards safeguarding the lives of 112 million children and young people in Pakistan who are vulnerable to climate-related disasters, displacement, and trauma.

Romina Khurshid, the Prime Minister’s Coordinator on Climate Change upon signing the Declaration on Children, Youth and Climate Action, said: “We commit to integrate child rights and needs into Pakistan’s climate policies and especially the Nationally Determined Contributions 3.0, which will be the focus of COP30 in Brazil next year.”