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ADB to help Pakistan build climate–resilient infrastructure

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INCHEON: In a major development, the Asian Development Bank (ADB) expressed commitment to help build the much-needed climate-resilient infrastructure for Pakistan — which faced over $30 billion in losses after the devastating floods caused by heavy rains last year.

It will be a great assistance by one of the world’s top financial institutions to the cash-strapped nation that is still struggling to strengthen its economy which suffered a serious blow caused by economic slowdown during the deadly Coronavirus, worldwide shortage of petroleum products and food inflation after the Russia-Ukraine war, and devaluation of Pakistani currency against the dollar.

With an objective of improved preparedness, the bank would help Pakistan in “strengthening infrastructure in such a way that if similar floods take place in future that infrastructure is strong enough to stand there,” Director General of Central and West Asia Department Yevgeniy Zhukov said while talking to APP on the sidelines of ADB’s 56th annual Board of Governors meeting that concluded last week in South Korean city – Incheon.

He said a lot of work was being done in the flood-emergency-related assistance adding that the focus would not only be on repairing the damages caused by last year’s floods but also on making the structures flood-resilient.

Seconding Zhukov’s damage-mitigation strategy, Country Director Pakistan Resident Mission Yong Ye told the news agency that some temporary structures would be in place hopefully this year before the possible flood in summer. He said there would be some protections “before the flood comes and the infrastructure is made climate-resilient.”

He said some of the existing infrastructure was damaged during last year’s floods; however, these had been restored with the ADB’s prompt support.

Seeing the wide-scale destruction and the loss of billions of dollars to the Pakistani economy, foreign experts and donor agencies described it as one of the top countries facing severe impacts of climate change.

In future, Yong said the bank looked at a much more comprehensive approach and was carrying out an upstream assessment of each factor of climate resilience/disaster resilience and analytical work to devise a strategy and an open institutional set-up for ‘quickening the measures.’

Yong said the ADB had also established its national disaster risk management funds under which it would provide the community flood protection structure.

As Asia and the Pacific’s climate bank, the ADB aims to deliver $100 billion in climate financing from 2019 to 2030.

Last week during the annual moot, the ADB launched the Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP), which would use guarantees from partners as leverage to accelerate billions of dollars in the much-needed climate investment. The facility would be effective from early 2024.

The finance facility would also be applicable to Pakistan not only for designing new projects but also preparing a strategy to effectively counter the negative impacts of climate change. This facility could be used to channelize the funding.

This year, the ADB conference was held at a time when Pakistan recently witnessed massive floods caused by torrential rains, inflicting losses of over $30 billion to the national economy that created issues of food security, damaged infrastructure, washed away livestock and collapsed houses.

Weather experts have forecast another spell of heavy downpours in parts of the country this season, which could lead to further devastation of the already calamity-hit nation.

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A bid of ten billion rupees has been submitted by Blue World Consortium for the privatization of the Pan-India Airport (PIA).

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A bid of 10 billion rupees has been made by the Consortium to privatize Pakistan International Airlines.

There is only one bid from the Blue World Consortium.

The Blue World City Consortium has been the only group to submit documentation.

Through circulation, the Federal Cabinet will approve the reserve price of PIA.

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Business Leaders Are Encouraged To Keep Up With New Regulations Regarding Pakistan’s Textile Exports To Germany

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Despite the fact that Pakistan is a significant exporter of textiles to Germany, business leaders in Pakistan need to remain updated about developing laws. A conference on textiles was organized in Karachi, and German Consul General Dr. Rudiger Lotz underlined this point at the event.

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During his meeting with the Qatar Businessmen Association, the Prime Minister of Pakistan extended an invitation to invest in key sectors.

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Meeting with the Qatar Businessmen Association (QBA) delegation, Prime Minister Muhammad Shehbaz Sharif talked about strengthening economic ties and looking into new cooperation opportunities.

His Excellency Sheikh Faisal Bin Qassim Al-Thani led the QBA delegation, which was made up of prominent businesspeople from Qatar who each represented important economic sectors. During the discussion, prominent members of Qatar’s business sector and important leaders from Pakistan discussed how to improve trade, investment, and economic ties.QBA members in attendance included Sheikh Mansoor bin Jassim Al Thani, Chairman of the Mansoor Jassim Al Thani Group; Mr. Nabil Abu Issa, CEO of Blue Salon; Mr. Khalid Ahmed Al Mannai, Executive Director of Mannai Corporation; Mr. Salah Mohammed Jaidah, Chairman MENA & Chief Country Officer of Deutsche Bank; Mr. Yousuf Ebrahim Al-Mahmoud, Director of Sendian Group; and Mr. Salah Mohammed Jaidah, Chairman MENA & Chief Country Officer of Deutsche Bank.

By highlighting the many prospects in industries like energy, infrastructure, and finance, the prime minister made Pakistan an alluring place for foreign investment.

All of these delegates showed interest in Pakistan’s economic situation, namely in the future energy, technological, and infrastructure development initiatives under consideration.
Throughout the discussion, both parties looked at possible partnerships that may promote innovation, job creation, and sustainable development in both nations. The QBA members expressed interest in increasing their investments in Pakistan’s infrastructure and energy sectors in a positive response to the Prime Minister’s request. The significance of bilateral cooperation was emphasized in order to support regional economic growth and stability.

The meeting was also attended by Federal Ministers for Commerce Kam Kamal Khan, Finance and Revenue Mohammad Aurangzeb, and Information and Broadcasting Attaullah Tarar, as well as Deputy Prime Minister and Foreign Affairs Senator Mohammad Ishaq Dar and Defense Minister Khawaja Muhammad Asif.

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