Minister seeks ADB’s cooperation in setting up risk management unit
ISLAMABAD: Minister for Planning Development and Special Initiatives Asad Umar has sought the cooperation of the Asian Development Bank (ADB) in setting up a risk management unit for the public-private partnership ventures.
Talking to the newly-appointed ADB country director for Pakistan Yong Ye, who called on him, Umar emphasised for collaboration with the ADB in setting up a natural disaster fund to meet the requirements of disaster risk reduction, mitigation, and rehabilitation.
Planning secretary Hamed Yaqoob Sheikh and senior officials attended the meeting.
During the meeting, the two leaders also discussed the support of the public-private partnership in the viability gap funding (VGF) and project financing facility to the private sector too.
The minister welcomed the ADB country director and acknowledged the significant contribution of the bank in responding to the Covid-19 pandemic through the financing facility, knowledge sharing, and partnership.
Umar appreciated the pivotal role currently being played by the ADB in strengthening governance and service delivery in Pakistan through institutional reforms being undertaken with the support of a development partner.
He also emphasised for enhancing the capacity of the National Disaster and Risk Management Fund (NDRMF) for effectively tackling and outreach for risk mitigation of calamities occurring across the country.
The role of the private sector financing for disaster risk management and climate resilience actions and new possibilities of economic cooperation in the post-Covid-19 situation also came under discussion during the meeting.
The ADB country director thanked the minister for a warm welcome and appreciated the government’s skillful handling of the Covid-19 crisis, which has resulted in containing the pandemic to a large extent.
The ADB is fully committed to providing assistance to the developing countries for the procurement of Covid-19 vaccines, he added.
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