European Union Gives Pakistan €65 Million
Pakistan and the European Union signed three grant agreements worth a combined €65 million, or approximately Rs. 20.64 billion, to … Read More The post European Union Gives Pakistan €65 Million appeared first on ProPakistani .
The European Union has allocated €65 million in three grant agreements to Pakistan, with the aim of promoting investment, energy resilience, and the rule of law. The agreements, signed by EU Ambassador Raimundas Karoblis and Pakistan's Secretary of the Economic Affairs Division Muhammad Humair Karim, are part of the EU's Multiannual Indicative Programme 2021 to 2027. The programs are set to bolster Pakistan's economic and energy development, as well as strengthen the rule of law and business environment.
One initiative, the Global Gateway development facilitation program, will focus on improving Pakistan's tax system and enhancing long-term financial planning to attract more foreign investment. Another, the Energy and Natural Environment Resilience program, will be implemented in Khyber Pakhtunkhwa to promote renewable energy in rural areas lacking grid access. It will also provide training to encourage private investment and increase participation in the province's energy sector.
The EU Support to the Rule of Law and Business Environment program aims to enhance access to police, prosecution, courts, and legal aid in Khyber Pakhtunkhwa and Balochistan. Additionally, it will help Punjab and Sindh expand alternative and commercial dispute resolution mechanisms to facilitate investment.
At the signing ceremony, Karim expressed gratitude for the EU's ongoing support, stating that the programs align with Pakistan's objectives of attracting foreign investment, expanding electricity access in off-grid rural areas of Khyber Pakhtunkhwa, and strengthening commercial dispute resolution. Karoblis highlighted the EU's commitment to supporting Pakistan's economic development and investment goals through its Global Gateway initiative, emphasizing support for a stronger energy sector, sustainable natural resource management in Khyber Pakhtunkhwa, improved access to justice in Khyber Pakhtunkhwa and Balochistan, and stronger alternative and commercial dispute resolution mechanisms in Punjab and Sindh.
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