ADB to provide $2bn in annual assistance to Pakistan for climate resilience over next 3 years

The Asian Development Bank (ADB) has announced that it will provide $2 billion in annual assistance to Pakistan over the next three years to support infrastructure development and climate-resilient initiatives. In 2022, massive floods triggered by climate change devastated several parts of Pakistan, killing 1,700 people, washing away swathes of agricultural land, affecting 33 million people, and incurring losses worth $30 billion, according to government estimates. A report by the Policy and Strategy Committee (PSC) and the Oversight Board on Post-Flood Reconstruction Activities showed last week that the country had only received $10.9bn from international development partners out of the total estimated loss for post-flood reconstruction work, leaving a $19.1bn shortfall that has halted the rehabilitation of flood-affected communities in three provinces.