€65m EU grants signed

The government of Pakistan and the European Union on Monday signed three grant agreements worth a total  €65 million (Rs20.64 billion) to launch three programmes: 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". The agreements were signed by EU Ambassador Raimundas Karoblis and Economic Affairs Division Secretary 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 by improving the tax system and strengthening the Pakistan government's long-term financial planning. The "Energy and Natural Environment Resilience Programme in Khyber-Pakhtunkhwa" 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 K-P's energy sector. Building on the 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 K-P and Balochistan. The programme will also support Punjab and Sindh in expanding the use of alternative and commercial dispute resolution mechanisms in legal cases so that more European and other companies show interest in investing in these provinces. The EU's development cooperation with Pakistan remains focused on economic development, climate resilience, governance and the rule of law, human rights and sustainable natural resources. Speaking on the occasion, Karim expressed his appreciation for the EU's continued support and partnership. He highlighted the timely nature of interventions, highlighting their strong relevance to Pakistan's goals of increased foreign investment, improved access to electricity in off-grid rural areas in K-P and more advanced standards in the rule of law and the resolution of commercial disputes. Ambassador Karoblis stated, "These agreements demonstrate the EU's commitment to supporting Pakistan's economic development and investment ambitions under our flagship Global Gateway initiative. They will also support the authorities in K-P to build a stronger and resilient energy sector while promoting the sustainable management of natural resources."