Asian Development Bank (ADB) will provide 2 billion dollars in annual assistance to Pakistan over the next three years.
This was stated by President ADB Masatsugu Asakawa during a meeting with President Asif Ali Zardari in Islamabad.
The ADB president reaffirmed the bank’s commitment to support infrastructure development and climate-resilient initiatives in Pakistan.
Masatsugu Asakawa also commended the recent signs of economic recovery and stabilization in Pakistan.
On his part, President Asif Ali Zardari called for increased support from the Asian Development Bank to address the impacts of climate change.
He said the severe climate changes and devastating floods of 2022 had a profound impact on the economy.
He briefed the ADB President about the economic and climate-related challenges being faced by Pakistan.
Asif Ali Zardari appreciated the support of ADB towards the socio-economic development of Pakistan.
Earlier, on September 16, the Asian Development Bank (ADB) approved a $320 million loan to support the rehabilitation of roads in the province of Khyber Pakhtunkhwa in Pakistan, enhancing safe and all-weather connectivity in rural areas.
The Khyber Pakhtunkhwa Rural Roads Development Project will upgrade around 900 kilometers of rural roads in the province that are susceptible to floods and are in poor condition, according to ADB press release received here on Friday.
These cover key routes that link remote communities to education, health care, and markets, it said adding the project includes measures to incorporate climate-resilient design, road safety enhancement, and sustainable maintenance practices.
“Road transport is both a lifeline to the people and a key component of socioeconomic development in Pakistan. This vital infrastructure project will reduce travel time, lower transportation costs, and increase access to economic opportunities for millions of residents in Khyber Pakhtunkhwa,” said ADB Director General for Central and West Asia Yevgeniy Zhukov.
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