Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal urged the Asian Development Bank (ADB) to expedite procedural formalities for the ML-1 railway modernization project in Pakistan. During the meeting on the sidelines of the 25th CAREC Ministerial Conference in ULAANBAATAR, Mongolia, Iqbal conveyed Prime Minister Shehbaz Sharif’s message to speed up the necessary procedures for the ML-1 railway modernization project.
ADB President Masato Kanda assured full support for the ML-1 project. Furthermore, Iqbal called for the ADB to establish a dedicated financing window specifically for climate adaptation and resilience in countries facing high vulnerability.
The minister suggested that this new ADB financing window should utilise artificial intelligence and modern data systems to better pinpoint vulnerabilities and channel funding more effectively. Iqbal also proposed a competitive regional financing window designed for CAREC countries.
Addressing broader economic shifts, Iqbal stated that global financial bodies must move beyond the traditional post-war reconstruction model to tackle emerging issues, particularly climate vulnerability. Pakistan, according to Iqbal, is shifting its economic focus from 'pit to product' by promoting value addition across copper, antimony, chromite, and rare earths.
The minister invited CAREC businesses to attend the Pakistan Minerals Investment Forum, scheduled for 12–13 November, 2026, in Islamabad. Regarding trade, the minister and ADB president agreed to explore joint studies concerning an export accelerator programme aimed at raising Pakistan’s exports to $100 billion by 2035.
Masato Kanda agreed to conduct the proposed studies on the export accelerator programme, alongside improving the storage and use of floodwater. Moreover, Iqbal stressed the necessity of strengthening regional links through integrated road and rail networks connecting Turkmenistan, Afghanistan, and Pakistan.
The ADB confirmed its commitment to supporting infrastructure and human capital development within Pakistan. Finally, Iqbal extended an invitation to Masato Kanda to attend the next CAREC Ministerial Conference held in Pakistan.
