Pakistan, EU sign financing agreements worth €65m

Islamabad, Pakistan witnessed the signing of three €65 million financing agreements between Pakistan and the European Union (EU) on Monday. These agreements aim to strengthen global gateway investments, improve the rule of law, and bolster energy and environmental resilience in Pakistan. The EU Ambassador to Pakistan, Raimundas Karoblis, and Muhammad Humair Karim, Secretary of the Economic Affairs Division (EAD), signed the agreements on behalf of their respective sides.

The EU will fund the initiatives under its Multiannual Indicative Programme 2021-2027. The first program, Global Gateway Development Facilitation for Pakistan, focuses on investment management and financial enablement of environmental projects. The second program, Energy and Natural Environment Resilience in Khyber Pakhtunkhwa, aims to expand renewable energy in rural areas and increase private sector involvement.

Lastly, the third program, EU Support to the Rule of Law and Business Environment in Pakistan, helps citizens access legal assistance in provinces of Khyber Pakhtunkhwa and Balochistan. EAD Secretary Karim expressed gratitude for the EU's ongoing support, emphasizing the relevance of these interventions to Pakistan's goals. EU Ambassador Karoblis highlighted the EU's commitment to Pakistan's economic development and investment ambitions, as well as the support for KP's energy sector and sustainable natural resource management.