Pakistan needs massive investment to become climate resilient, FM tells US body IG News

Pakistan will need massive investments for climate resilience, Foreign Minister Bilawal Bhutto Zardari told US International Development Finance Corporation (DFC) CEO Scott Nathan in New York on Tuesday.

A press release issued by the Ministry of External Affairs quoted Bilawal as saying, “Raising additional capital through institutions such as the DFC, including coordinated efforts with other developmental finance institutions, is essential to ensure that we address the challenge of climate change adequately.” solve it properly.” (MOFA).

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DFC has developed a climate action plan under which it will allocate 33% of its investments to climate-related projects from 2023.

The Foreign Minister briefed Nathan about the devastating floods in Pakistan and the government’s efforts to deal with the crisis. He expressed his gratitude for the flood relief assistance provided by the US government.

The foreign minister said, “Pakistan wants to make economic and investment cooperation one of the key pillars of Pak-US relations.” The DFC has an important role to play in this regard.”

“Attracting investment in all sectors of Pakistan’s economy is the top priority of the government,” Bilawal said.

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He laid special emphasis on empowering women economically and identified agriculture, infrastructure, energy and technology sectors as priority sectors.

He expressed the hope that DFC would look to tap the tremendous investment opportunities in these sectors in Pakistan.

The foreign minister also invited Nathan to visit Pakistan, which he accepted.

Nathan expressed solidarity with the people and government of Pakistan in the wake of the devastating floods and assured continued US support in managing the crisis.

They reaffirmed DFC’s interest in collaborating with Pakistan’s private sector and assured continued engagement by the US corporate sector to identify projects ready for investment.

According to its website, DFC invests in sectors including energy, healthcare, critical infrastructure and technology. It also provides financing for small businesses and women entrepreneurs looking to create jobs in emerging markets.

Floods in Pakistan have affected some 33 million people, with estimated damage of $30 billion to homes, crops, bridges, roads and livestock. NDMA data showed that the death toll in the floods has crossed 1,500, while the number of injured is 12,860.

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