Islamabad – The Asian Development Bank (ADB) is collaborating with Pakistan on 7 ongoing development projects, with an additional 16 projects expected to be launched next year.

One of the major initiatives is a $200 million project aimed at modernizing Pakistan’s electricity transmission system. The project also includes the approval of a smart meter installation plan for Discos (distribution companies).

Additionally, the ADB has approved $330 million in additional funding for social protection programs in Pakistan, with a focus on the education and healthcare of women and children. The bank is also providing assistance for digitalization in the Federal Board of Revenue (FBR) and supporting tax reforms.

In response to climate change, the ADB has acknowledged Pakistan’s effective efforts, providing $500 million in funding to tackle the impacts of climate change.

Furthermore, the ADB is considering the establishment of a timely flood warning system to mitigate annual losses of over $2 billion caused by natural disasters.

With rising industrial production and growing investor confidence, the country is hopeful for an economic recovery.