Friday December 02, 2022

EU to provide Pakistan Rs60.4bn

By News Desk
September 29, 2022

ISLAMABAD: EU will provide €265 million (Rs60.4 billion) under the six-year multi indicative programme (MIP), reported local media on Wednesday.

Deputy Head of South and Southeast Asia of the Brussels based European Commission Ian Hoskins has disclosed this in a sub group meeting of Development cooperation of the Pakistan EU.

He said that the EU will provide €265 million during the first three years in areas of Green Inclusive Growth, Human Capital and Governance, including the Rule of Law (ROL) and Human Rights (HR).

It is pertinent to note that the European Union’s total ongoing portfolio in Pakistan is worth €630.19 million for 38 projects. Since 2001, over €1.9 billion have been provided to Pakistan. The Flood Relief Assistance from the European Union to Pakistan amounts to €44.24 million.

Meanwhile, Pakistan and European Union agreed on multifaceted development cooperation agenda in a number of sectors such as smart agriculture, economic growth, sustainable infrastructure, technical and vocational education, climate and green development, digital transformation and health at the conclusion of the annual meeting of the Sub-Group on Development cooperation of the Pakistan EU Joint Commission at Ministry of Economic Affairs.

During the meeting, with an emphasis on cooperation in the rehabilitation and reconstruction of flood-stricken areas and people of Pakistan, both sides discussed the level of present development cooperation and resolved to deepen their relation for the socio-economic development of Pakistan.

The Sub-group meeting took stock of the implementation of the Multiyear Indicative Plan, the Annual Action Plan; the post-flood rehabilitation and reconstruction and how to cope with it; and reviewed the progress of ongoing EU funded projects.

The Pakistani delegation briefed the German counterparts about current and planned development priorities of the government, which include a stronger focus on transparency, institutional reforms, poverty alleviation, human resource development and green energy. Both sides exchanged views on increasing the cost effectiveness of development assistance initiatives and measures to enhance cooperation with the private sector.