ISLAMABAD (PEN) : The Asian Development Bank (ADB) will provide $2 billion annually to Pakistan over the next three years, as announced by ADB President Masatsugu Asakawa during a meeting with President Asif Ali Zardari in Islamabad.
President Asakawa emphasized the bank’s commitment to supporting infrastructure development and initiatives that promote climate resilience in Pakistan. He also acknowledged the recent signs of economic recovery and stabilization in the country.
In response, President Zardari urged for increased ADB support to tackle the impacts of climate change, highlighting how the severe climate shifts and devastating floods of 2022 significantly affected Pakistan’s economy. He briefed Asakawa on the various economic and climate-related challenges the country faces and expressed appreciation for ADB’s role in advancing socio-economic development in Pakistan.
On September 16, the ADB approved a $320 million loan aimed at rehabilitating roads in Khyber Pakhtunkhwa, which will enhance safe, all-weather connectivity in rural areas. The Khyber Pakhtunkhwa Rural Roads Development Project will upgrade approximately 900 kilometers of rural roads that are prone to flooding and currently in poor condition.
This project is crucial as it links remote communities to essential services like education and healthcare, while also including measures for climate-resilient design and improved road safety. ADB Director General for Central and West Asia, Yevgeniy Zhukov, stated, “Road transport is a lifeline for the people and a vital part of socioeconomic development in Pakistan. This infrastructure project will reduce travel time, lower transportation costs, and open up economic opportunities for millions in Khyber Pakhtunkhwa.”
