ADB Approves $500m to Boost Pakistan’s Disaster Resilience
The Asian Development Bank loan is meant to improve preparedness, reduce risks and make financial assistance available quickly after floods and earthquakes.
ADB has approved a $500 million loan to strengthen Pakistan’s disaster preparedness and speed up financial support after floods and earthquakes.
The Asian Development Bank (ADB) has approved a $500 million loan to strengthen Pakistan’s ability to manage natural disasters and respond to emergencies.
What the Loan Will Support
The programme aims to improve disaster preparedness, reduce risks and make financial assistance available quickly after events such as floods and earthquakes. It will support reforms that reduce disaster risk and improve planning, and will improve the mechanism for providing immediate financial resources after disasters.
Background
The ADB estimates average annual economic losses from natural disasters in Pakistan at about $2 billion. The 2022 floods caused $14.9 billion in direct losses and $15.2 billion in total national economic damage, according to the bank.
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