Asian Development Bank (ADB) President Masato Kanda announced a $3 million emergency grant on Friday to support flood relief efforts in Pakistan. The grant, sourced from the Asia Pacific Disaster Response Fund, will assist with emergency relief efforts following Pakistan's request. “Pakistan is experiencing devastating flooding that has displaced families and communities, and ADB stands firmly with Pakistan during this crisis,” said Kanda. “When disasters strike, we respond quickly to help communities rebuild with dignity. This emergency support reflects our enduring commitment to Pakistan's people through both immediate humanitarian needs and long-term development," he added. The ADB president is currently on a three-day visit to Pakistan, during which he met with Prime Minister Shehbaz Sharif. After expressing his sympathies for the flood victims, they discussed transformative investments, enhanced private sector engagement, and Pakistan’s role as a strategic supplier of critical minerals for the global clean energy transition. Their discussions also covered ADB’s substantial capital investments in transport, energy, and urban infrastructure, as well as human capital development through education and health programs. Also Read: PM Shehbaz to visit China for SCO summit today Kanda welcomed the progress made by the Pakistan government on reforms, noting the recent sovereign ratings upgrades by major credit rating agencies, which were underpinned by significant improvements in domestic resource mobilization. He reaffirmed ADB’s commitment to deepening its partnership with Pakistan. They also discussed ADB’s approval of a $410 million financing package for the Reko Diq mining project on August 21, marking ADB’s return to mining sector financing after a 40-year absence. Reko Diq, one of the world's largest undeveloped copper-gold deposits, will position Pakistan as a strategic supplier of critical minerals for the global clean energy transition. Beyond these discussions, the ADB president's visit included direct engagement with communities and businesses. Read More: PSX ends week on positive note He toured the Benazir Income Support Program (BISP) One-Window Center in Islamabad, where he interacted with program beneficiaries and jointly launched the Grievance Redressal Mechanism with BISP Chair Senator Rubina Khalid. In Lahore, he visited Pakistan’s first sustainable aviation fuel facility, financed by ADB, which will convert waste cooking oils into sustainable aviation fuel for export markets. He also engaged with CEOs and business leaders to discuss how ADB can support expanding private sector participation and investment opportunities across Pakistan. Since Pakistan became a founding member of ADB in 1966, the bank has committed over $43 billion to promote inclusive growth and improve infrastructure, energy, transport, and social services. The current sovereign portfolio includes 44 operations valued at approximately $9 billion.
from Pakistan News, Latest News Pakistan, Pakistan Headline | The Express Tribune https://ift.tt/FNHAr6g
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