ADB gives $500 million to Pakistan.

This sum will be added to the foreign exchange reserves the following week, the SBP said. The SBP claims that this sum was provided by the ADB to address the effects of climate change in Pakistan.

The Asian Development Bank (ADB) authorized a US$500 million policy-based loan on October 29 to help Pakistan reduce the risk of disasters and increase its resilience to climate change.

The ADB insisted in a statement released here that the Climate and Disaster Resilience Enhancement Program (CDREP) will boost inclusive investment in disaster risk reduction and climate resilience, build up Pakistan’s institutional capacity for planning, preparedness, and response, and facilitate the expansion of disaster risk financing through a risk-layered approach.

In the face of climate change, Pakistan reaffirmed its commitment to safeguarding the rights and interests of children and youth at a recent event with UNICEF at the COP 29 Summit in Baku, Azerbaijan.

Pakistani government leaders signed the Declaration on Children, Youth, and Climate Action, which commits champion states to implementing global objectives set by children and youth.

Protecting the lives of 112 million children and youth in Pakistan who are at risk of trauma, displacement, and climate-related calamities is made possible by the signature.

When signing the Declaration on Children, Youth, and Climate Action, Prime Minister’s Coordinator on Climate Change Romina Khurshid stated: “We commit to integrate child rights and needs into Pakistan’s climate policies, especially the Nationally Determined Contributions 3.0, which will be the focus of COP30 in Brazil next year.”