KARACHI: The Asian Development Bank (ADB) has approved a $500 million loan for Pakistan to improve its disaster response and emergency preparedness.
According to an ADB statement, the programme will strengthen the system for providing rapid financing after floods, earthquakes and other natural disasters.
The ADB said Pakistan suffers average annual losses of $2 billion from natural disasters. The 2022 floods caused $14.9 billion in direct damage, inflicted $15.2 billion in losses on the national economy and pushed 9.1 million people into poverty.
Under the programme, Pakistan will be able to receive immediate financial support after floods and earthquakes. The bank said preparedness before disasters helps protect lives and livelihoods.