ISLAMABAD  -  The Government of Pakistan and Asian Development Bank (ADB) have signed a landmark USD 500 million loan agreement for the Climate and Disaster Resilience Enhancement Program (CDREP).

The agreement was at the Ministry of Economic Affairs after the approval of Federal Minister Ahad Cheema. Dr. Kazim Niaz, Secretary of the Ministry of Economic Affairs, and Ms. Emma Fan, Country Director, Pakistan Resident Mission, ADB, signed the loan agreement.

On the occasion, Secretary Economic Affairs and ADB Country Director said that this program is designed as a programmatic approach and aims to strengthen Pakistan’s capacity for climate change adaptation and disaster risk management, addressing the country’s vulnerabilities to natural disasters and climate impacts. The core objective of the program is to enhance institutional frameworks for disaster risk management by improving disaster risk mapping, response coordination, and gender-sensitive public investments.  The CDREP will strengthen Pakistan’s institutional capacity for planning, preparedness, and response; increase inclusive investment in disaster risk reduction and climate resilience; and support the scale up of disaster risk financing using a risk-layered approach.

Pakistan is one of the most vulnerable countries to climate change and disasters triggered by natural hazards in Asia and the Pacific. Average losses from disaster events exceed $2 billion per year. Women and other vulnerable groups are disproportionately affected by climate change and disaster events.

The program supports enhanced capacity for disaster risk mapping and modelling for investment and development decisions. It enhances coordination for disaster monitoring and response. It supports enhanced planning and prioritization of gender-sensitive and resilient public investments, including integrated flood risk management and nature-based solutions.