Germany commits 129 million euros for development cooperation

ISLAMABAD: Germany on Tuesday committed 129 million euros for future German development cooperation in Pakistan in addition to the ongoing portfolio to support the country's economy, a statement said.

In this regard an agreement was signed between the Ministry of Economic Affairs, Pakistan and Germany’s Federal Ministry for Economic Cooperation and Development.

The signing was witnessed by Omar Ayub Khan, Federal Minister for Economic Affairs. Speaking on the occasion, the minister appreciated Germany’s enhanced bilateral economic cooperation with Pakistan.

He said both countries were long-standing development partners and congratulated both sides on completing 60-years of development cooperation.

The biennial Negotiations on Development Cooperation were also between the two countries at the Economic Affairs Division in the federal capital.

Mian Asad Hayaud Din, Secretary, Economic Affairs Division led the Pakistani side, while German delegation was represented by Ms. Gisela Hammerschmidt, Commissioner for Asia at the Federal Ministry for Economic Cooperation and Development.

The two sides took stock of the existing Development Cooperation and expressed satisfaction at the trajectory of cooperation in different areas since 1961.

Both partners underlined the importance of close cooperation and partnership.

According to the statement, the fresh financing would 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 & Renewable Energy.

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 and social protection, human resource development, climate change and green energy.

The two delegations exchanged views on increasing the cost effectiveness of development assistance initiatives and the measures to enhance cooperation with the private sector.

At the end of the talks, Pakistani side invited the German delegation to visit Pakistan in the near future, which was accepted by the German side.