Ulaanbaatar: Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal has urged the Asian Development Bank (ADB) to create a dedicated financing mechanism for climate adaptation in countries highly susceptible to climate change. During a meeting with ADB President Masato Kanda at the 25th CAREC Ministerial Conference, Iqbal emphasized the need for global financial institutions to move beyond traditional frameworks to address emerging challenges like climate vulnerability.

According to Press Information Department, Iqbal highlighted Pakistan’s experience with devastating floods, noting that countries with low carbon emissions often face significant financing challenges in the wake of climate disasters. He suggested that the proposed ADB window should utilize artificial intelligence and data systems to better identify vulnerabilities and direct funding effectively.

Additionally, Iqbal proposed a regional financing window for CAREC countries to facilitate joint project development with regional impacts. He also discussed Pakistan’s potential in critical minerals, inviting investments in sectors like copper and rare earths, and announced the Pakistan Minerals Investment Forum in Islamabad for 2026.

Iqbal also emphasized the strategic significance of the ML-1 railway modernization project, urging expedited procedural formalities. ADB President Kanda assured full support for ML-1 as a flagship project. The meeting also included discussions on regional connectivity, export acceleration, and better floodwater management, with both parties agreeing on the necessity of infrastructure and human capital development for Pakistan’s growth.

Kanda expressed appreciation for Iqbal’s contributions to Pakistan’s development and highlighted the importance of education and technology in the country’s future. He accepted an invitation to the next CAREC Ministerial Conference in Pakistan, reinforcing ADB’s ongoing support under its Country Partnership Programme.