ISLAMABAD: Pakistan and the Asian Development Bank (ADB) Tuesday signed a US$500 million loan agreement for the Climate and Disaster Resilience Enhancement Program (CDREP). The agreement was signed after the approval of Federal Minister for Economic Affairs, Ahad Cheema, according to a press release issued by the Economic Affairs Division (EAD). Secretary of the Ministry of Economic Affairs, Dr. Kazim Niaz and ADB Country Director, Ms. Emma Fan signed the Loan Agreement. The ceremony was attended by senior officials from the government and ADB. Cheema, while giving consent regarding the agreement, said that signing the agreement underscores Pakistan’s commitment to prioritize climate change initiatives and scaling up disaster risk financing using a risk-layered approach. DNA
