EAD And ADB Sign A Grant Agreement

Secretary, Economic Affairs Division (EAD), Mr. Noor Ahmed, and Country Director, Asian Development Bank (ADB), Ms. Xiaohong Yang, signed a grant agreement for National Disaster Risk Management Fund (NDRMF), here today. The Government of Switzerland has provided an amount of US$ 1.5 million through Asian Development Bank for NDRMF. The grant will be utilized for enhancing resilience and reducing disaster risk in Khyber Pakhtunkhwa. A Project Agreement for Swiss Grant was also signed between Ms. Xiaohong Yang, Country Director, ADB, and Lt. Gen. (R) Nadeem Ahmed, Chief Executive Officer, NDRMF. National Disaster Risk Management Fund (NDRMF) has been established as a government-owned public limited company with technical and financial assistance of Asian Development Bank.

The objective of the Fund is to establish a sustainable mechanism to support disaster risk reduction and financing instruments that can enhance Pakistan’s resilience to future disasters. The NDRMF will reduce the socio-economic and fiscal vulnerability of the country and its population to natural hazards by prioritizing and financing investments in disaster risk reduction and preparedness that have high economic benefits taking into account climate change as well as disaster risks and their impacts. While speaking on the occasion, Secretary EAD appreciated the ADB’s continued support for Pakistan since 1966. Ms. Xiaohong Yang, Country Director, ADB, acknowledged the efforts of EAD for smooth and timely implementation of the projects. Mr. Nadeem Ahmed, Chief Executive Officer, NDRMF, thanked the Government of Switzerland for providing grant for disaster risk reduction activities in Pakistan.