ISLAMABAD — Pakistan and the European Union have signed three grant agreements worth €65 million.
The agreements will launch three development programs in Pakistan. They will focus on investment, energy, the rule of law and the business environment.
The agreements were signed by Muhammad Humair Karim, Secretary of Pakistan’s Economic Affairs Division, and Raimundas Karoblis, the EU Ambassador to Pakistan.
Investment and Financial Planning
The first program comes under the EU’s Global Gateway initiative.
It aims to attract more foreign investment to Pakistan. It will also help improve the tax system and strengthen long-term financial planning.
The program also seeks to create a stronger environment for investment. As a result, it could help connect more European and international businesses with Pakistan.
Renewable Energy in Khyber Pakhtunkhwa
The second program will focus on energy and natural environment resilience in Khyber Pakhtunkhwa.
It will expand renewable energy in rural areas that do not have access to the national power grid. The program will also provide training to attract private investment.
In addition, it will support greater private sector involvement in the province’s energy sector.
Rule of Law and Business Environment
The third program will support the rule of law and the business environment in Pakistan.
It will improve access to police, prosecution, courts and legal aid in Khyber Pakhtunkhwa and Balochistan.
Meanwhile, the program will support Punjab and Sindh in expanding alternative and commercial dispute resolution. This could make legal processes more useful for businesses and investors.
Officials Highlight Economic Goals
Muhammad Humair Karim said the programs support Pakistan’s goal of increasing foreign investment.
He also highlighted better electricity access in rural areas and stronger systems for resolving commercial disputes.
Karoblis said the agreements show the EU’s commitment to Pakistan’s economic development and investment goals. He also said the programs will support a stronger energy sector and better access to justice.
The EU says its wider partnership with Pakistan includes green growth, governance, renewable energy and investment support.
