Federal Planning Minister Ahsan Iqbal has urged the Asian Development Bank (ADB) to create a dedicated financing window for climate adaptation and resilience. He made the proposal during a meeting with ADB President Masato Kanda on the sidelines of the 25th CAREC Ministerial Conference in Ulaanbaatar.
Iqbal said climate-vulnerable countries often face major financing gaps after natural disasters despite contributing relatively little to global emissions.
Pakistan Calls for Dedicated Climate Financing
Iqbal highlighted Pakistan’s experience with devastating floods and their financial impact on vulnerable communities.
He said international financial institutions must adapt their approach to address emerging global challenges, particularly climate vulnerability.
The minister proposed that the ADB financing window operate beyond existing country allocations. He also suggested using artificial intelligence and modern data systems to identify vulnerabilities and direct funding where it is needed most.
According to Iqbal, better data could help financial institutions assess climate risks more accurately. It could also improve how adaptation and resilience funds reach vulnerable countries.
New Regional Financing Proposal for CAREC
Iqbal also proposed a competitive regional financing window for CAREC member countries. Under the proposal, member states could jointly develop projects with regional benefits and compete for financing.
Such projects could focus on infrastructure, connectivity, trade and other areas that benefit multiple countries.
Meanwhile, Iqbal highlighted Pakistan’s critical minerals potential. He said the country was moving from “pit to product” by promoting value addition and encouraging joint ventures.
Pakistan is seeking investment in copper, antimony, chromite and rare earth minerals.
Pakistan Seeks Critical Minerals Cooperation
Iqbal proposed a CAREC Critical Minerals Investment and Value-Chain Platform to strengthen regional cooperation.
He also invited CAREC businesses to attend the Pakistan Minerals Investment Forum in Islamabad on November 12–13, 2026.
The minister said Pakistan could become a southern gateway for Central Asian critical minerals. The proposed route could connect mineral-producing countries with international markets through Pakistan.
ADB Supports ML-1 Railway Project
The meeting also covered Pakistan’s ML-1 railway modernisation project.
Iqbal highlighted the project’s strategic importance and conveyed Prime Minister Shehbaz Sharif’s message to accelerate the remaining procedural formalities.
He said faster progress could help enable groundbreaking at the earliest.
Kanda assured Iqbal that the ADB remained fully committed to ML-1 as a flagship project. He added that the bank would provide possible support to move the project forward.
Pakistan and ADB Explore New Studies
The two sides also agreed to explore joint studies in several areas.
One proposed study will examine an export accelerator programme. It would identify product and market gaps while supporting Pakistan’s goal of increasing exports to $100 billion by 2035.
They also agreed to explore better ways to store and utilise floodwater.
Iqbal further stressed the need for stronger regional connectivity through integrated rail and road networks.
He particularly highlighted potential links between Turkmenistan, Afghanistan and Pakistan. According to the minister, improved connectivity could give CAREC countries greater access to Gwadar Port.
ADB Highlights Infrastructure and Human Capital
Kanda acknowledged Pakistan’s proposals and agreed to undertake the proposed studies.
He said stability, policy continuity and sustained reforms would remain important for Pakistan’s development. He also identified infrastructure and human capital as key areas where the ADB could support the country.
Iqbal acknowledged the ADB’s continued assistance under Pakistan’s Country Partnership Programme.
He also invited Kanda to attend the next CAREC Ministerial Conference in Pakistan. The country is preparing to assume the CAREC chairmanship next year.
Kanda extended the ADB’s support for Pakistan’s hosting of the conference.
The discussions reflect Pakistan’s broader push to secure climate financing, strengthen regional connectivity and attract investment in critical minerals. At the same time, Islamabad is seeking faster progress on major infrastructure projects and greater regional economic integration.
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