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June 18, 2011

EU to provide 225m euros for multiple projects

National

 
June 18, 2011

ISLAMABAD: The European Union has signed an agreement to provide 225 million euros for development projects in Pakistan.
The agreement was signed by the Finance Minister Dr Abdul Hafeez Shaikh and German Federal Minister for Economic Cooperation and Development Dirk Niebel and European Commissioner for Development Andris Piebalgs at the finance ministry.
The money will be spent from 2011 to 2013 on developing programmes for rural and natural resource, education and human resource, governance and trade development.
Under the arrangement, the EU has committed an annual grant of 75 million euros. Over the three-year period, 90 million euros will be spent on rural development and natural resources management, 70 million euros on education and human resource development, 50 million euros on governance and 15 million euros on trade development.
Briefing newsmen about the meeting, Shaikh appreciated the EU and Germany for their support to economic development in Pakistan.
The minister discussed the current economic situation and measures taken by the government for stabilising and increasing revenue through tax reforms.
The minister said that despite narrow fiscal space, Pakistan has not compromised on social and poverty-related spending and is pursuing a strategy to promote growth.
“As a result of the initiatives to stabilise economy, indicators have shown improvement and the economy is able enough to withstand challenges,” he added.
The minister thanked Germany for supporting Pakistan’s efforts to get access to the EU markets.
The visiting dignitaries appreciated Pakistan’s commitment for sustaining the ongoing economic reforms programme and reaffirmed their support to Pakistan in this regard.
They expressed hope that Pakistan would continue with the reform process.
Niebel said that under the recently concluded bilateral negotiations, Germany had committed additional 78 million euros for education, energy, health and

governance besides assuring 12 million euros for the Multi Donor Trust Fund.
Out of the 78 million euros committed by Germany, 48.5 million euros will be spent on energy, 13 million euros on health, 9 million euros on governance, one million euros on education and 6.5 million euros outside these priority areas.

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