ISLAMABAD: Pakistan has received a loan of $500 million from the Asian Development Bank(ADB) under the Climate Change and Disaster Resilience Enhancement Programme (CDREP).

The State Bank of Pakistan (SBP) has confirmed the receipt of the inflows. “The SBP has received US$500 million from the Asian Development Bank as proceeds of a loan to the government of Pakistan for the Climate Change and Disaster Resilience Enhancement Program (CDREP),” SBP said in a statement.

According to the SBP, these proceeds will be reflected in SBP’s foreign exchange reserves for the week ending 29th November 2024 to be published on 05th December 2024.

This disbursement will help bolster the foreign exchange reserves held by the SBP and likely to cross the $12 billion mark by the end of November 2024.

The SBP’s reserves stood at $11.42 billion as on November 22, 2024 and enough to cover the import bill of more than two months.

Earlier on October 29, the Asian Development Bank (ADB) approved a US$500 million policy-based loan to support climate change and disaster risk reduction and resilience in Pakistan.

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In a statement issued here, the ADB maintained that the Climate and Disaster Resilience Enhancement Program (CDREP) will strengthen Pakistan’s institutional capacity for planning, preparedness, and response; increase inclusive investment in disaster risk reduction and climate resilience; and support the scale up of disaster risk financing using a risk-layered approach.