President Asif Ali Zardari and ADB President Masatsugu Asakawa Discuss $2 Billion Aid for Climate Change and Economic Recovery in Pakistan
Islamabad: President Asif Ali Zardari Meets with ADB President Masatsugu Asakawa to Discuss Climate Change and Economic Support
Islamabad, [Date] – President Asif Ali Zardari met with Masatsugu Asakawa, President of the Asian Development Bank (ADB), at Aiwan-e-Sadr. The meeting also included Senator Sherry Rehman and Senator Saleem Mandviwala.
During the discussion, President Zardari underscored Pakistan’s urgent financial needs to tackle the effects of climate change and stressed the necessity for increased support from the ADB. He highlighted the severe impact of recent extreme weather events, including the 2022 floods, which have profoundly affected Pakistan’s economy, agriculture, education sector, and infrastructure.
The President also addressed the economic damage inflicted by the ongoing war against terrorism and praised the ADB’s role in supporting Pakistan’s socio-economic development. He thanked the ADB President for the assistance provided following the devastating 2022 floods.
Masatsugu Asakawa, President of the ADB, recognized the significant effects of climate change on Pakistan, such as the accelerated melting of glaciers. He confirmed that the ADB will extend $2 billion in annual aid to Pakistan over the next three years to support climate resilience and infrastructure development. The ADB President reiterated the bank’s commitment to infrastructure and climate-resilient projects and commended recent signs of economic recovery and stability in Pakistan.
