The Asian Development Bank (ADB) has approved $500 million for Pakistan to cope with natural disasters and reduce their economic impact.
Pakistan suffers average annual losses of around $2 billion from floods, earthquakes and other disasters. The 2022 floods alone caused $14.9 billion in direct damage and $15.2 billion in economic losses, pushing up to 9.1 million people into poverty.
The financing, approved under the second subprogramme of the Climate and Disaster Resilience Enhancement Program, will support reforms to strengthen disaster preparedness, improve risk financing and integrate resilience into development planning and investment.
ADB Country Director for Pakistan, Emma Fan, said the programme would help protect vulnerable communities, reduce economic losses, and strengthen the country’s resilience to future disasters.
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