Pakistan and the European Union signed three grant agreements worth a combined €65 million, or approximately Rs. 20.64 billion, to launch programs focused on investment, energy resilience and the rule of law.
EU Ambassador to Pakistan Raimundas Karoblis and Secretary of the Economic Affairs Division Muhammad Humair Karim signed the agreements.
Funded under the EU’s Multiannual Indicative Programme 2021 to 2027, the initiatives aim to support Pakistan’s economic and energy development and strengthen the rule of law and business environment.
The Global Gateway development facilitation program will focus on improving Pakistan’s tax system and strengthening the government’s long term financial planning to help attract more foreign investment.
The Energy and Natural Environment Resilience program in Khyber Pakhtunkhwa will support renewable energy in rural communities without access to the electricity grid. It will also provide training to help attract private investment and increase private sector participation in the province’s energy sector.
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. It will also support Punjab and Sindh in expanding alternative and commercial dispute resolution mechanisms to facilitate investment.
Speaking at the signing ceremony, Karim appreciated the EU’s continued support and said the programs were relevant to Pakistan’s goals of attracting foreign investment, improving electricity access in off grid rural areas of KP and strengthening the resolution of commercial disputes.
Ambassador Karoblis said the agreements reflected the EU’s commitment to supporting Pakistan’s economic development and investment ambitions through its Global Gateway initiative. He also highlighted support for a stronger energy sector and sustainable natural resource management in KP, improved access to justice in KP and Balochistan, and stronger alternative and commercial dispute resolution mechanisms in Punjab and Sindh.
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