Swiss Embassy and ADB sign Agreement to support Disaster Risk Reduction and Preparedness in Pakistan
The Embassy of Switzerland in Pakistan and the Asian Development Bank (ADB) have signed an agreement to finance investments in disaster risk reduction and preparedness that have high economic impact. Under this agreement, the Swiss Agency for Development and Cooperation (SDC) will provide 1.5 million to the National Disaster Risk Management Fund (NDRMF).
ADB has been working with the Government of Pakistan and other development partners to develop a financing window to reduce disasters risks and increase capacity of the government to deal with future challenges. The efforts resulted in the establishment of the multi-donor NDRMF with an initial contribution of $200 million to reduce socioeconomic and fiscal vulnerability to natural hazards.
Pakistan remains a disaster-prone country with frequent floods and other disasters caused by climate change. NDRMF was established to close the gap not only in the aftermath of disasters but also make investments in projects meant to mitigate disaster risks.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members—48 from the region. In 2017, ADB operations totaled $32.2 billion, including $11.9 billion in cofinancing.