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The State Bank of Pakistan (SBP) has announced the receipt of a $500 million policy-based loan from the Asian Development Bank (ADB), which will be added to Pakistan’s foreign exchange reserves next week.
The loan, approved on October 29 under the Climate and Disaster Resilience Enhancement Program (CDREP), aims to bolster Pakistan’s capacity to address climate change and disaster risks. The initiative focuses on strengthening institutional planning, enhancing preparedness and response mechanisms, promoting inclusive investment in disaster risk reduction, and scaling up disaster risk financing through a risk-layered approach.
At the COP 29 Summit in Baku, Azerbaijan, Pakistan reaffirmed its commitment to protecting children and youth from the adverse impacts of climate change. Leaders signed the Declaration on Children, Youth, and Climate Action, pledging to prioritize the rights and needs of young people in climate policies.
Romina Khurshid Alam, the Prime Minister’s Coordinator on Climate Change, emphasized Pakistan’s dedication to integrating child rights into its climate policies, including the Nationally Determined Contributions (NDC) 3.0, which will be a key focus at COP30 in Brazil next year.
This move is significant for safeguarding the future of over 112 million children and young people in Pakistan who face the growing threat of climate-induced disasters and displacement.