Pakistan, EU sign three grant agreements worth €65 million

The Government of Pakistan and the European Union (EU) on Monday signed three grant agreements worth a total of €65 million to launch three programmes, i.e. the ‘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, reported 24NewsHD TV channel.

According to details, this cooperation package operationalizes the EU and Pakistan’s shared commitment to promoting economic and energy development and advancing the rule of law.

The agreements were signed by the EU Ambassador to Pakistan Raimundas Karoblis and the Secretary of the Economic Affairs Division, Muhammad Humair Karim.

Funded under the EU’s Multiannual Indicative Programme 2021-2027, the initiatives focus on three main aspects of Pakistan’s development.

The ‘Global Gateway development facilitation for Pakistan: Investment Management and financial enabling environment’ project aims to attract more foreign investment to Pakistan by improving the tax system and strengthening the government’s long-term financial planning.

The ‘Energy and Natural Environment Resilience programme in Khyber Pakhtunkhwa (KP)’ is designed to expand renewable energy in rural communities that are not connected to the electricity grid. It will also provide training to help attract private investment and increase private sector involvement in KP’s energy sector.

Building on previous EU assistance, the ‘EU Support to the Rule of Law and Business Environment in Pakistan’ will further help people to access the police, prosecution, courts and legal aid in the provinces of KP and Balochistan.

The programme will also support the provinces of Punjab and Sindh in expanding the use of alternative and commercial dispute resolution mechanisms in legal cases so that more European and other companies are interested in investing in those provinces.

Reporter: Waqas Azeem