Pakistan needs massive investment to become climate resilient, FM tells US institution

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

“Mobilising additional capital through institutions like DFC, including through coordinated efforts with other developmental finance institutions, is imperative to ensure that we adequately address the challenge of climate change,” Bilawal was quoted as saying in a press release issued by the Ministry of Foreign Affairs (MOFA).

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DFC has developed a Climate Action Plan under which it will allocate 33% of its investments in climate-related projects from 2023 onward.

The Foreign Minister told Nathan about the devastating floods in Pakistan and the government's efforts to manage the crisis. He expressed gratitude for the flood relief assistance provided by the US government.

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

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

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

He expressed the hope that DFC would consider tapping 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 the government of Pakistan in the wake of the devastating floods and assured continued US support in managing the crisis.

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

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

Floods in Pakistan have affected nearly 33 million people, sweeping away homes, crops, bridges, roads and livestock in damages estimated at $30 billion. The death toll from the floods has surpassed 1,500 people, while the number of injured people stands at 12,860, revealed statistics from the NDMA.