Asian Development Bank Pledges $2 Billion Annual Aid to Pakistan

Masatsu Gwasakawa, President of the Asian Development Bank (ADB), announced that the bank will provide an annual aid package of $2 billion to Pakistan for the next three years. The announcement was made during a meeting with Pakistan’s former President, Asif Ali Zardari, who urged increased cooperation from the ADB to help Pakistan combat the severe effects of climate change.

Focus on Climate Change and Economic Challenges

During the meeting, Asif Ali Zardari highlighted the economic challenges Pakistan is facing, particularly in the aftermath of the war on terrorism. He emphasized that climate change is having a devastating impact on Pakistan’s economy, and increased financial support from ADB would be crucial to addressing these issues.

ADB’s Commitment to Pakistan

ADB President Gwasakawa acknowledged the severity of the climate change crisis in Pakistan and affirmed the bank’s commitment to support the country. He announced that the ADB would provide an annual aid package of $2 billion over the next three years, signaling strong support for Pakistan in its efforts to overcome its current challenges.

This aid will contribute to Pakistan’s recovery and development in various sectors, including infrastructure, energy, and climate resilience.