Key Takeaways
- Pakistan and the European Union signed €65 million in financing agreements.
- The agreements aim to support global gateway investments and strengthen the rule of law.
- Three separate programmes will focus on energy, environment, and business environment.
Pakistan and the European Union (EU) have signed a series of financing agreements worth €65 million (approximately $75 million) to support various development initiatives in the country.
The agreements were signed on Monday by the EU Ambassador to Pakistan, Raimundas Karoblis, and Muhammad Humair Karim, secretary of the Economic Affairs Division (EAD), on behalf of their respective sides.
The €65 million will be allocated to three separate programmes: Global Gateway Development Facilitation for Pakistan, Energy and Natural Environment Resilience in Khyber Pakhtunkhwa, and EU Support to the Rule of Law and Business Environment in Pakistan.
Under the Global Gateway Development Facilitation for Pakistan, the EU aims to improve the tax system and strengthen long-term financial planning to attract more foreign investment.
The Energy and Natural Environment Resilience in Khyber Pakhtunkhwa programme is designed to expand renewable energy in rural communities not connected to the electricity grid, providing training to attract private investment.
The third programme, EU Support to the Rule of Law and Business Environment in Pakistan, will focus on enhancing access to justice and dispute resolution mechanisms in the provinces of Khyber Pakhtunkhwa and Balochistan.
Speaking on the occasion, EAD Secretary Karim expressed his appreciation for the EU’s continued support, highlighting the timely nature of the interventions and their relevance to Pakistan’s goals.
Ambassador Karoblis stated that the agreements demonstrate the EU’s commitment to supporting Pakistan’s economic development and investment ambitions under the Global Gateway initiative.
He noted that the agreements would also support the authorities in Khyber Pakhtunkhwa to build a stronger and resilient energy sector, while promoting sustainable management of natural resources.
The rule of law will further strengthen access to justice for citizens in KP and Balochistan.
Ambassador Raimundas Karoblis, EU Ambassador to Pakistan
