ISLAMABAD:
The Asian Development Bank (ADB) has approved a $3 million emergency grant to support Pakistan’s flood-hit communities, reaffirming its commitment to provide swift assistance in times of crisis.
The announcement came on Friday during the ongoing three-day visit of ADB President Masato Kanda, who is in Pakistan to review development partnerships and meet with key government officials, including Prime Minister Shehbaz Sharif.
“Pakistan is facing devastating floods that have displaced families and disrupted livelihoods. ADB stands shoulder to shoulder with the people of Pakistan in this difficult time,” Kanda said, adding that the assistance would not only address immediate humanitarian needs but also contribute to long-term recovery and resilience-building.
Focus on Development and Reform
In his meeting with PM Shehbaz, Kanda extended condolences for the flood victims and held wide-ranging discussions on transformative investment opportunities, private sector engagement, and Pakistan’s role in supplying critical minerals for the global clean energy transition.
The talks also covered ADB’s extensive portfolio in Pakistan, which includes financing for transport, energy, and urban infrastructure, as well as initiatives in education and healthcare. Kanda acknowledged recent progress on government reforms and highlighted the improved sovereign credit ratings as a sign of renewed investor confidence.
Reko Diq and Strategic Minerals
A major highlight of the discussions was ADB’s recent approval of a $410 million financing package for the Reko Diq mining project, marking the bank’s return to the mining sector after four decades. The copper-gold project is expected to position Pakistan as a vital supplier of minerals essential for the clean energy transition.
Community Engagement
During his visit, Kanda also toured the Benazir Income Support Program (BISP) One-Window Center in Islamabad, where he interacted with beneficiaries and launched a Grievance Redressal Mechanism alongside BISP Chair Senator Rubina Khalid.
In Lahore, he inspected Pakistan’s first sustainable aviation fuel facility, financed by ADB, which will use waste cooking oil to produce eco-friendly fuel for export markets. Kanda further engaged with CEOs and private sector leaders to discuss ways of expanding investment opportunities across Pakistan.
Longstanding Partnership
Since becoming a founding member of ADB in 1966, Pakistan has received more than $43 billion in assistance aimed at strengthening infrastructure, energy, and social services. Currently, ADB’s sovereign portfolio in Pakistan consists of 44 active operations worth about $9 billion.
Kanda reaffirmed ADB’s long-term partnership with Pakistan, pledging continued support for both emergency response efforts and the country’s broader economic and social development agenda.
