ADB’s Mr. Kanda Backs Pakistan’s Reforms, Green Transition, and $410M Reko Diq Project During 3-Day Visit – EQ
In Short : Mr. Kanda concluded a three-day visit to Pakistan, meeting Prime Minister Shehbaz Sharif and top officials to discuss reforms, investments, and critical minerals. He highlighted ADB’s $410 million financing for the Reko Diq Mining Project, signaling a return to mining after 40 years. His visit also included engagements in social welfare, education, health, and sustainable energy initiatives.
In Detail : Mr. Kanda is on a three-day visit to Pakistan, where he met with Prime Minister Shehbaz Sharif and held extensive discussions on strengthening bilateral cooperation with the Asian Development Bank. During the meeting, he conveyed condolences to the victims of recent floods and expressed ADB’s readiness to support Pakistan in climate resilience, disaster recovery, and sustainable growth initiatives.
The two leaders discussed transformative investments, enhanced private sector engagement, and Pakistan’s potential role as a strategic supplier of critical minerals for the global clean energy transition. They reviewed ADB’s capital investments in transport, energy, and urban infrastructure, while also underlining human capital development through education and healthcare as a priority for sustainable progress.
Mr. Kanda praised the government of Pakistan for advancing reforms and noted the recent sovereign ratings upgrades by major credit agencies. He pointed out that these upgrades are backed by significant improvements in domestic resource mobilization and fiscal management, which are helping restore investor confidence and build a stronger foundation for future economic growth.
The discussions also highlighted ADB’s landmark approval of a $410 million financing package on 21 August for the Reko Diq Mining Project. This initiative marks ADB’s return to mining sector financing after four decades and will support one of the world’s largest undeveloped copper-gold deposits, positioning Pakistan as a key player in the global clean energy supply chain.
Beyond policy engagements, Mr. Kanda directly interacted with communities and businesses to understand ground-level challenges and opportunities. In Islamabad, he visited the Benazir Income Support Program’s One-Window Center, where he launched a Grievance Redressal Mechanism alongside BISP Chair Senator Rubina Khalid, aimed at strengthening transparency and responsiveness in social protection.
In Lahore, he toured Pakistan’s first sustainable aviation fuel facility, financed by ADB, which converts waste cooking oil into fuel for international markets. The project represents an important milestone for Pakistan’s green transition and export diversification, highlighting how renewable energy and circular economy solutions can create global opportunities while reducing environmental impacts.
Mr. Kanda also engaged with leading CEOs and business leaders to explore ways ADB could expand private sector participation. These conversations emphasized innovation, renewable energy, and digital transformation as key drivers of new investment opportunities, while ensuring that Pakistan’s economic future remains resilient, inclusive, and globally competitive in emerging markets.
High-level meetings were also held with ADB Governor and Minister for Economic Affairs Ahad Khan Cheema, Finance Minister Muhammad Aurangzeb, and Punjab Chief Minister Maryam Nawaz Sharif. Together, they discussed development priorities, ongoing reforms, and how transformative projects like Reko Diq can catalyze long-term inclusive growth and better prepare Pakistan for economic and climate-related challenges.
Since becoming a founding member of ADB in 1966, Pakistan has received over $43 billion in commitments to strengthen infrastructure, energy, transport, and social services. With 44 sovereign operations valued at $9 billion currently active, ADB continues to work closely with Pakistan to deliver sustainable development, while supporting Asia’s broader clean energy and resilience agenda.
