Key Takeaways
- Pakistan and the European Union signed three grant agreements worth €65 million.
- The agreements cover energy, rule of law, and economic development initiatives.
- Funded under the EU’s Multiannual Indicative Programme 2021-2027.
The Government of Pakistan and the European Union (EU) have signed three grant agreements worth a total of €65 million, aimed at promoting economic and energy development and advancing the rule of law in the country.
The agreements were signed by the EU Ambassador to Pakistan, Raimundas Karoblis, and the Secretary of the Economic Affairs Division, Muhammad Humair Karim, on Monday.
The first agreement, titled ‘Global Gateway development facilitation for Pakistan: Investment Management and financial enabling environment,’ focuses on improving the tax system and strengthening long-term financial planning to attract more foreign investment.
The second agreement, ‘Energy and Natural Environment Resilience in Khyber Pakhtunkhwa,’ aims to expand renewable energy in rural communities not connected to the electricity grid, and provide training to attract private investment in the energy sector.
The third agreement, ‘EU Support to the Rule of Law and Business Environment in Pakistan,’ will help people access police, prosecution, courts, and legal aid in the provinces of Khyber Pakhtunkhwa and Balochistan, and support the expansion of alternative and commercial dispute resolution mechanisms in legal cases in Punjab and Sindh.
These initiatives are part of the EU’s Multiannual Indicative Programme 2021-2027, which aims to support Pakistan’s development in various sectors.
The agreements are expected to have a significant impact on Pakistan’s economic and energy landscape, providing much-needed resources and support for development projects.
The signing of these agreements marks a significant step in the ongoing collaboration between Pakistan and the EU, aimed at fostering economic growth and improving the business environment.
