ULAANBAATAR (Mongolia), Sep 30 (APP): Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal on Wednesday urged the Asian Development Bank (ADB) to fast-track procedural formalities for the ML-1 railway modernization project, with ADB President Masato Kanda assuring full support to move the flagship project forward. He also called for establishing a dedicated ADB financing window for climate adaptation and resilience in highly vulnerable countries beyond existing country allocations. …
Ahsan seeks fast-track for ML-1; ADB assures full support
ULAANBAATAR (Mongolia), Sep 30 (APP): Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal on Wednesday urged the Asian Development Bank (ADB) to fast-track procedural formalities for the ML-1 railway modernization project, with ADB President Masato Kanda assuring full support to move the flagship project forward.
He also called for establishing a dedicated ADB financing window for climate adaptation and resilience in highly vulnerable countries beyond existing country allocations.
The minister made the proposal during a meeting with ADB President Masato Kanda on the sidelines of the 25th CAREC Ministerial Conference here, a news release said.
Ahsan Iqbal said global financial institutions must evolve beyond the traditional post-war reconstruction framework to address emerging challenges, particularly climate vulnerability.
Referring to Pakistan’s experience of devastating floods, he said climate-vulnerable countries with minimal contribution to global carbon emissions often faced severe financing gaps when disasters struck.
He proposed that the new ADB financing window should leverage artificial intelligence and modern data systems to identify vulnerabilities and channel financing more effectively.
The minister also proposed a competitive regional financing window for CAREC countries, enabling member states to jointly develop projects with regional impact and seek financing on a competitive basis.
He highlighted Pakistan’s critical minerals potential, saying the country was moving from “pit to product” by promoting value addition and welcoming joint ventures in copper, antimony, chromite and rare earths.
He proposed a CAREC Critical Minerals Investment and Value-Chain Platform and invited CAREC businesses to participate in the Pakistan Minerals Investment Forum in Islamabad on November 12–13, 2026, positioning Pakistan as a potential southern gateway connecting Central Asia’s critical minerals to global markets.
Ahsan Iqbal stressed the strategic importance of the ML-1 railway modernization project and conveyed Prime Minister Shehbaz Sharif’s message to expedite procedural formalities so that groundbreaking could take place at the earliest.
President Masato Kanda assured that the ADB was fully committed to ML-1 as a flagship project and would extend all possible support to move it forward.
The minister and ADB president also agreed to explore joint studies on an export accelerator programme to identify product and market gaps and support Pakistan’s ambition of increasing exports to $100 billion by 2035, as well as on better storage and utilization of floodwater.
Ahsan Iqbal further stressed the need to strengthen regional connectivity through integrated rail and road networks, particularly linking Turkmenistan, Afghanistan and Pakistan, which could provide CAREC countries greater access to Gwadar Port.
President Masato Kanda acknowledged the minister’s proposals and agreed to undertake the proposed studies.
He emphasized that stability, policy continuity and sustained reforms would be important for Pakistan’s development, while identifying infrastructure and human capital as key areas where the ADB was prioritizing support.
The ADB President also appreciated Ahsan Iqbal’s long-standing contribution to Pakistan’s development and planning, and emphasized the importance of education, science, innovation and emerging technologies in the country’s future growth.
Ahsan Iqbal acknowledged ADB’s continued support under its Country Partnership Programme and, on behalf of Prime Minister Shehbaz Sharif, invited President Kanda to participate in the next CAREC Ministerial Conference in Pakistan, as Pakistan prepares to assume the CAREC Chairmanship next year. President Kanda extended ADB’s full support for Pakistan’s hosting of the conference.
