Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal has urged the Asian Development Bank (ADB) to create a specialized financing window dedicated to climate adaptation and resilience for countries highly vulnerable to climate change, supplementing existing country allocations. This proposal was presented during his meeting with ADB President Masato Kanda on the sidelines of the 25th Carec Ministerial Conference held in Ulaanbaatar.
Ahsan Iqbal emphasized the need for global financial institutions to move beyond the conventional post-war reconstruction model to effectively address emerging challenges, particularly those related to climate vulnerability. Highlighting Pakistan’s recent experience with devastating floods, he pointed out that countries most affected by climate change, despite contributing minimally to global carbon emissions, often face significant financing shortfalls when disasters occur.
He suggested that the new ADB financing window should leverage artificial intelligence and advanced data systems to better identify vulnerabilities and allocate funds more efficiently. Additionally, he proposed establishing a competitive regional financing window for Carec member countries, allowing them to collaboratively develop projects with regional impact and compete for funding.
Notably, Ahsan Iqbal drew attention to Pakistan’s rich potential in critical minerals, stating the country is transitioning from raw extraction to value-added production. He welcomed joint ventures in minerals such as copper, antimony, chromite, and rare earth elements. To support this, he proposed the creation of a Carec Critical Minerals Investment and Value-Chain Platform and invited regional businesses to participate in the Pakistan Minerals Investment Forum scheduled for November 12–13, 2026, in Islamabad. He also highlighted Pakistan’s strategic position as a southern gateway connecting Central Asia’s critical minerals to global markets.
In a significant development, the minister underscored the strategic importance of the ML-1 railway modernization project. Conveying Prime Minister Shehbaz Sharif’s directive, he called for expediting procedural formalities to enable the project’s groundbreaking at the earliest opportunity. President Kanda assured full ADB commitment to ML-1 as a flagship initiative and pledged comprehensive support to advance the project.
Both leaders agreed to explore joint studies on an export accelerator program aimed at identifying product and market gaps to help Pakistan achieve its goal of increasing exports to $100 billion by 2035. They also consented to investigate improved methods for floodwater storage and utilization.
Ahsan Iqbal stressed the importance of enhancing regional connectivity through integrated rail and road networks, particularly by linking Turkmenistan, Afghanistan, and Pakistan. He noted that such connectivity could provide Carec countries with improved access to Gwadar Port. Kanda welcomed these proposals and committed to undertaking the suggested studies.
He further remarked that stability, policy consistency, and ongoing reforms would be crucial for Pakistan’s development, identifying infrastructure and human capital as key focus areas for ADB support. Ahsan Iqbal expressed gratitude for ADB’s continued assistance under its Country Partnership Programme and invited President Kanda to attend the next Carec Ministerial Conference in Pakistan, as the country prepares to assume the Carec chairmanship next year. Kanda extended ADB’s full support for Pakistan’s hosting of the upcoming conference.
