Pakistan, Germany sign €129m Financial Cooperation Deal

Pakistan, Germany sign €129m Financial Cooperation Deal

ISLAMABAD: Pakistan and Germany inked a €129 million financial cooperation pact on Tuesday, November 2, 2021.

Omar Ayub Khan, Federal Minister for Economic Affairs, was present during the signing of a financial cooperation agreement between the Ministry of Economic Affairs and Germany’s Federal Ministry for Economic Cooperation and Development.

The additional funds will be used for a variety of initiatives, including digital governance in Pakistan, social protection, startup promotion in Pakistan, solar energy promotion, self-employment of women in the private health sector, and hydropower and renewable energy development.

According to authorities, the two countries undertook biannual discussions on development cooperation prior to signing the pact. The Pakistan delegation was led by Mian Asad Hayaud Din, Secretary Economic Affairs Division, while the German delegation was led by Gisela Hammerschmidt, Commissioner for Asia at the Federal Ministry for Economic Cooperation and Development, and included representatives from the German Foreign Office, KfW, GIZ, and the Federal Institute for Geosciences and Natural Resources (BGR).

The two parties assessed current development collaboration and expressed satisfaction with the trajectory of cooperation in several sectors since 1961. As a consequence of the talks, Germany promised €129 million for future German development cooperation in Pakistan, in addition to the current portfolio.

During the present discussions, both parties emphasized the necessity of tight collaboration and partnership. The German Federal Ministry for Economic Cooperation and Development announced fresh financing commitments in three areas: good governance, climate and energy, and training for sustainable development.

The Pakistani delegation briefed their German counterparts on ongoing policy reforms and initiatives, as well as the government’s future development priorities, which include a greater emphasis on transparency, institutional reforms, poverty alleviation, and social protection, human resource development, climate change, and green energy.

Funds will be awarded to various initiatives in Pakistan, including digital governance, social protection, startup promotion, and increased use of solar energy, self-employment of women in the private health sector, and hydropower and renewable energy development

Pakistan strikes €129mn development deal with Germany

Both parties also discussed how to improve the cost-effectiveness of development aid efforts and ways to strengthen collaboration with the business sector.

Omar Ayub Khan, Pakistan’s Minister for Economic Affairs, who attended the agreement-signing ceremony, praised Germany’s enhanced bilateral economic cooperation with Pakistan, stated that Pakistan and Germany are long-standing development partners, and congratulated both sides on completing sixty years of development cooperation.

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