Minister seeks ADB’s cooperation in setting up risk management unit

ISLAMABAD: Minister for Planning Development and Special Initiatives Asad Umar on Tuesday sought the cooperation of the Asian Development Bank (ADB) for setting up a risk management unit for the public-private partnership ventures.

He was talking to the newly appointed ADB country director for Pakistan Yong Ye, who called on him here.

Asad Umar also emphasised the collaboration of ADB in setting up a natural disaster fund to meet requirements of disaster risk reduction, mitigation, and rehabilitation.

Secretary Planning Hamed Yaqoob Sheikh and senior officials attended the meeting.
During the meeting they also discussed the support of Public-Private Partnership in Viability Gap Funding (VGF) and project financing facility to the private sector too.

Asad Umar welcomed the ADB Country Director and acknowledged the significant contribution of the ADB in responding to the Covid-19 pandemic through financing facility, knowledge sharing, and partnership.

He 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 emphasised enhancing the capacity of NDMRF for effectively tackling and outreach for risk mitigation of calamities occurring though out the country.

The role of private-sector financing for disaster risk management and climate resilience actions and new possibilities of economic cooperation in the post-Covid situation was discussed during the meeting.

The ADB country director thanked the Planning Minister for a warm welcome and appreciated the Minister on government’s skillful handling of the Covid crisis which had resulted in containing the pandemic to a large extent.

He said that ADB is fully committed to providing assistance to the developing countries for the procurement of Covid-19 vaccines.

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