Pak-Germany landmark €129m development deal

ISLAMABAD: Pakistan and Germany on Tuesday signed Financial Cooperation Agreement amounting to €129 million.

The signing ceremony was carried out by Federal Minister for Economic Affairs, Omar Ayub. The biennial negotiations on development cooperation between Pakistan and Germany were also held in the Economic Affairs Division, Islamabad.

Addressing the ceremony, the federal minister appreciated Germany’s enhanced bilateral economic cooperation with Pakistan.

He also reaffirmed its appreciation for the strategic bilateral cooperation with Germany. While acknowledging the formidable socio-economic security and governance challenges it faces, the minister reiterated its commitment to transform these into opportunities and building upon them for the benefit of the nation.

Under the agreement, Germany committed € 129 million for future German Development Cooperation in Pakistan in addition to the ongoing portfolio.

The new financing will be allocated to different projects including Digital Governance Pakistan, Social Protection, Promotion of Startups in Pakistan, Promotion of Solar Energy, Self Employment of Women in Private Health Sector, and Development of Hydropower and Renewable Energy.

The Pakistani delegation briefed the German counterparts about the ongoing policy reforms and initiatives and future development priorities of the Government, which include a stronger focus on transparency, institutional reforms, poverty alleviation & social protection, human resource development, climate change and green energy.

The Pakistani side extended an invitation to the German delegation to visit Pakistan in the near future, which was accepted by the German side.

The Pakistani delegation was headed by Mian Asad Hayaud Din, Secretary of, Economic Affairs Division and included representatives of the Ministry of Foreign Affairs, Ministry of Finance, Federal Board of Revenue and relevant provincial governments.

The delegation of the Federal Republic of Germany was headed by Ms. Gisela Hammerschmidt, Commissioner for Asia at the Federal Ministry for Economic Cooperation & Development and included participants from the German Foreign Office, KfW, GIZ and BGR. TF Report

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