Key Takeaways
- Pakistan and the European Union signed three grant agreements worth €65 million.
- The funds will support investment, energy resilience, and the rule of law.
- Programs aim to improve tax systems, renewable energy access, and dispute resolution mechanisms.
Pakistan and the European Union have signed three grant agreements totaling €65 million, or approximately Rs. 20.64 billion, to support various development initiatives.
The agreements, signed by EU Ambassador to Pakistan Raimundas Karoblis and Secretary of the Economic Affairs Division Muhammad Humair Karim, are part of the EU’s Multiannual Indicative Programme 2021 to 2027.
The Global Gateway development facilitation program will focus on enhancing Pakistan’s tax system and improving long-term financial planning to attract foreign investment.
The Energy and Natural Environment Resilience program in Khyber Pakhtunkhwa will support renewable energy projects in rural areas without access to the electricity grid, providing training to attract private investment.
The EU Support to the Rule of Law and Business Environment program will help improve access to police, prosecution, courts, and legal aid in Khyber Pakhtunkhwa and Balochistan, while also supporting Punjab and Sindh in expanding alternative and commercial dispute resolution mechanisms.
Speaking at the signing ceremony, Karim expressed appreciation for the EU’s continued support, stating that the programs are relevant to Pakistan’s goals of attracting foreign investment and improving electricity access in off-grid rural areas of Khyber Pakhtunkhwa.
Ambassador Karoblis highlighted the EU’s commitment to supporting Pakistan’s economic development and investment ambitions through its Global Gateway initiative, emphasizing support for a stronger energy sector, sustainable natural resource management, and improved access to justice.
The initiatives aim to strengthen the rule of law and business environment, fostering a more conducive climate for foreign investment and economic growth in Pakistan.
