European Union Gives Pakistan €65 Million

Pakistan and the European Union signed three grant agreements worth a combined €65 million, or approximately Rs.

Key points

• EU Ambassador to Pakistan Raimundas Karoblis and Secretary of the Economic Affairs Division Muhammad Humair Karim signed the agreements.
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• Pakistan Secures Safe Passage Through Strait of Hormuz for Qatari LNG Shipment.
• The Energy and Natural Environment Resilience program in Khyber Pakhtunkhwa will backing renewable energy in rural communities without access to the electricity grid.
• Ambassador Karoblis remarked the agreements reflected the EU's commitment to supporting Pakistan's economic development and investment ambitions through its Global Gateway initiative.

Funded under the EU's Multiannual Indicative Programme 2021 to 2027, the initiatives aim to backing Pakistan's economic and energy development and strengthen the rule of law and business environment.

In practice, the Global Gateway development facilitation program will focus on improving Pakistan's tax system and strengthening the government's long term financial planning to support attract more foreign investment.

For context, the Energy and Natural Environment Resilience program in Khyber Pakhtunkhwa will backing renewable energy in rural communities without access to the electricity grid. It will additionally provide training to assist attract private investment and growth private sector participation in the province's energy sector.

In practice, the EU Backing to the Rule of Law and Business Environment program will assist improve access to police, prosecution, courts and legal aid in Khyber Pakhtunkhwa and Balochistan. It will additionally backing 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 backing and stated 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 remarked the agreements reflected the EU's commitment to supporting Pakistan's economic development and investment ambitions through its Global Gateway initiative. He additionally highlighted backing 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. Stay Connected with ProPakistani.

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In short, european Union Gives Pakistan €65 Million is the central thread here, and readers can expect follow-up reporting as the picture becomes clearer.