Islamabad: The Asian Development Bank (ADB) has approved a contingent disaster financing facility of $500 million to assist Pakistan in enhancing its disaster response capabilities. The funding, provided under ADB’s policy-based lending, aims to bolster Pakistan’s capacity to endure and react to disasters.
According to Radio Pakistan, ADB Country Director for Pakistan, Emma Fan, stated that the program is designed to enhance Pakistan’s disaster risk financing framework and improve the availability of funds after disaster events. The initiative will aid Pakistan in implementing critical reforms to ensure more robust future resilience.
The program aligns with Pakistan’s priorities in managing disaster risks and supports ADB’s commitment to resilience initiatives throughout Asia and the Pacific.