ISLAMABAD, Aug 29 (APP): Asian Development Bank (ADB) President Masato Kanda on Friday announced a $3 million emergency grant to support flood relief efforts amid extending condolences for the lives lost and individuals affected by the widespread monsoon rains and floods in Pakistan.
“Demonstrating ADB’s rapid response capability, President Kanda announced that ADB will provide, upon request of the government of Pakistan, a $3 million grant from the Asia Pacific Disaster Response Fund to support emergency relief efforts”, said a news release.
“Pakistan is experiencing devastating flooding that has displaced families and communities, and ADB stands firmly with Pakistan during this crisis,” he said.
“When disasters strike, we respond quickly to help communities rebuild with dignity. This emergency support reflects our enduring commitment to Pakistan’s people through both immediate humanitarian needs and long-term development.” he added.
ADB president is on a 3-day visit to Pakistan, during which he met with Prime Minister Shehbaz Sharif. After he conveyed sympathies to the victims of the floods, they discussed transformative investments, enhanced private sector engagement, and Pakistan’s role as a strategic supplier of critical minerals for the global clean energy transition.
Their discussions covered ADB’s significant capital investments in transport, energy, and urban infrastructure as well as human capital development through education and health programs.
ADB president welcomed the Pakistan government’s progress on reforms, noting the sovereign ratings upgrades by major credit rating agencies underpinned by a significant improvement in domestic resource mobilization.
He reaffirmed ADB’s commitment to deepening the partnership with Pakistan.
They also discussed ADB’s approval on 21 August of a $410 million financing package for the Reko Diq mining project, marking ADB’s return to mining sector financing after a 40-year absence.
One of the world’s largest undeveloped copper-gold deposits, Reko Diq will position Pakistan as a strategic supplier of critical minerals for the global clean energy transition.
Beyond these discussions, ADB president visit included direct engagement with communities and businesses. He toured the Benazir Income Support Program (BISP) One-Window Center in Islamabad, where he interacted with program beneficiaries and jointly launched the Grievance Redressal Mechanism with BISP Chair Senator Rubina Khalid.
He also traveled to Lahore where he visited Pakistan’s first sustainable aviation fuel facility. Financed by ADB, it will convert waste cooking oils into sustainable aviation fuel for export markets.
He also engaged with CEOs and business leaders to discuss how ADB can support expanding private sector participation and investment opportunities across Pakistan.
President Kanda also held productive discussions with key government officials including ADB Governor and Minister for Economic Affairs Ahad Khan Cheema, Finance Minister Muhammad Aurangzeb, and Punjab Chief Minister Maryam Nawaz Sharif.
The discussions focused on Pakistan’s development priorities and ongoing reform agenda, in addition to how transformative projects like Reko Diq can foster resilient, inclusive growth to better prepare Pakistan for future challenges.
ADB has been supporting Pakistan since the country became a founding member in 1966, committing more than $43 billion to promote inclusive growth and improve infrastructure, energy, transport, and social services. ADB’s current sovereign portfolio includes 44 operations valued at about $9 billion.
ADB is a leading multilateral development bank supporting inclusive, resilient, and sustainable growth across Asia and the Pacific. Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet.