Pakistan, EU sign €65m development agreements
Pakistan and the European Union have signed agreements worth €65 million for three major development programmes. The agreements will focus on investment, energy, environmental sustainability, the rule of law and the business environment. Meanwhile, Economic Affairs Secretary Muhammad Humair Karim and EU Ambassador Riina Kionka signed the agreements. Together, the programmes mark a new phase […]
Islamabad: On Monday, Pakistan and the European Union (EU) inked a series of €65 million (around $75m) financing agreements aimed at boosting global gateway investments, reinforcing the rule of law and business environment, and boosting energy and environmental resilience. The agreements were signed by Raimundas Karoblis, the EU's Ambassador to Pakistan, and Muhammad Humair Karim, the secretary of the Economic Affairs Division (EAD), representing their respective nations, according to the EAD's statement.
The funds will be channeled into three distinct programs: Global Gateway Development Facilitation for Pakistan, Energy and Natural Environment Resilience in Khyber Pakhtunkhwa (KP), and EU Support to the Rule of Law and Business Environment in Pakistan. These initiatives align with the EU’s Multiannual Indicative Programme 2021-2027, focusing on three key facets of Pakistan's growth.
The Global Gateway Development Facilitation for Pakistan program aims to facilitate investment management and financial backing for environmental projects, enticing more foreign capital by enhancing the tax structure and bolstering long-term fiscal planning. The second initiative, Energy and Natural Environment Resilience in KP, seeks to augment renewable energy access in rural communities lacking grid connectivity.
Additionally, it will offer training to stimulate private investment and augment private sector participation within KP's energy sector.
The third program, built upon prior EU assistance, centers on enhancing the rule of law and business environment in Pakistan, particularly in KP and Balochistan. It will empower citizens to engage with law enforcement, prosecution, courts, and legal aid. The program will also bolster Punjab and Sindh's adoption of alternative and commercial dispute resolution mechanisms, fostering European and other companies' interest in investing in these provinces.
EAD Secretary Karim expressed gratitude for the EU's ongoing support and partnership, emphasizing the timely nature of these interventions, which align closely with Pakistan's aspirations for increased foreign investment, improved electricity access in off-grid regions of KP, and heightened standards in the rule of law and commercial dispute resolution.
EU Ambassador Karoblis underscored the EU's commitment to Pakistan's economic development and investment objectives under the Global Gateway initiative. He highlighted the agreements' role in fortifying KP's energy sector, promoting sustainable natural resource management, and bolstering access to justice for citizens in KP and Balochistan.
He also noted the program's support for alternative and commercial dispute resolution, in collaboration with the judiciary, legal professionals, universities, and the business community.
Written by urgent.news from Dawn's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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