Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal has urged the Asian Development Bank (ADB) to accelerate progress on the ML-1 railway modernisation project, while seeking greater financing support for climate adaptation and regional development.
Iqbal made the proposals during a meeting with ADB President Masato Kanda on the sidelines of the 25th Central Asia Regional Economic Cooperation (Carec) Ministerial Conference in Ulaanbaatar.
Pakistan seeks dedicated climate financing
The planning minister called for the establishment of a dedicated ADB financing window for climate adaptation and resilience in highly vulnerable countries, in addition to existing country allocations.
Iqbal said international financial institutions needed to move beyond traditional post-war reconstruction models to address emerging challenges, particularly those linked to climate vulnerability.
Referring to Pakistan’s experience with devastating floods, he said countries that contribute relatively little to global carbon emissions can face severe financing gaps when major climate-related disasters occur.
He proposed using artificial intelligence and modern data systems to identify vulnerabilities and ensure that climate financing is directed towards areas of greatest need.
Iqbal also suggested a competitive regional financing window for Carec countries, allowing member states to jointly develop projects with regional impact and compete for financing.
Pakistan highlights critical minerals potential
During the meeting, Iqbal highlighted Pakistan’s potential in critical minerals and said the country was moving from “pit to product” by promoting value addition and encouraging joint ventures.
He identified copper, antimony, chromite and rare earths as areas with investment potential.
The minister proposed establishing a Carec Critical Minerals Investment and Value-Chain Platform and invited regional businesses to attend the Pakistan Minerals Investment Forum in Islamabad on November 12–13, 2026.
He said Pakistan could serve as a southern gateway for connecting Central Asian critical minerals with international markets.
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ADB backs ML-1 project
Iqbal also stressed the strategic importance of the ML-1 railway modernisation project and conveyed Prime Minister Shehbaz Sharif’s message calling for procedural formalities to be expedited so that groundbreaking could take place at the earliest.
Kanda assured the minister that the ADB remained fully committed to ML-1 as a flagship project and would provide all possible support to advance it.
The two sides also agreed to explore a joint study for an export accelerator programme aimed at identifying product and market gaps. The initiative is intended to support Pakistan’s ambition of increasing exports to $100 billion by 2035.
They also agreed to explore a study on improving the storage and utilisation of floodwater.
Focus on regional connectivity
Iqbal emphasised the need to strengthen regional connectivity through integrated rail and road networks, particularly by linking Turkmenistan, Afghanistan and Pakistan.
He said improved connectivity could provide Carec countries with greater access to Gwadar Port and strengthen regional trade routes.
Kanda acknowledged the proposals and agreed to undertake the suggested studies. He said stability, policy continuity and sustained reforms would be important for Pakistan’s development, while identifying infrastructure and human capital as key areas for ADB support.
Iqbal acknowledged the ADB’s continued assistance under its Country Partnership Programme and invited Kanda to participate in the next Carec Ministerial Conference in Pakistan as the country prepares to assume the Carec chairmanship next year.
Kanda extended the ADB’s full support for Pakistan’s hosting of the conference.