Saturday, June 22, 2024

European Union to provide €265 Million to Pakistan for Economic Growth

Ian Hoskins, Deputy Head of South and Southeast Asia at the European Commission in Brussels, disclosed this at a Pakistan EU Development Cooperation subgroup meeting. He stated that the EU will allocate € 265 million over the first three years. Sectors such as Green Inclusive Growth, Human Capital, and Governance, including Rule of Law (ROL) and Human Rights (HR).

It is important to note that the European Union’s current portfolio in Pakistan totals € 630.19 million for 38 projects. Over € 1.9 billion has been granted to Pakistan since 2001. The European Union has granted flood relief assistance to Pakistan for € 44.24 million. 

Pakistan and European Union (EU) have agreed on multifaceted development cooperation agenda in smart agriculture, economic growth, sustainable infrastructure, technical and vocational education, climate and green development, digital transformation, health, and several other sectors.

Both sides discussed the level of present development cooperation and resolved to deepen their relationship for the socio-economic development of Pakistan. With an emphasis on cooperation in the rehabilitation and reconstruction of flood-stricken areas and the people of Pakistan,

Ian hoskins said during the meeting,

“We are here to commit that the European Union will, under its Multi Indicative Programme (MIP) support the economic and social development of Pakistan and integrate post-flood rehabilitation and reconstruction into the existing plan, which we consider of paramount importance for the people of Pakistan.”

While welcoming the support of the EU, the Co-chair for Pakistan said,

“We appreciate and hugely value the support being provided by the EU over decades and are very thankful to the immediate relief assistance of the EU during the recent climate calamity.”

The Pakistani delegation informed the German counterparts about the government’s present and projected development priorities. It included a greater emphasis on transparency, institutional reforms, poverty alleviation, human resource development, and green energy. Both parties discussed ways to improve the cost-effectiveness of development assistance efforts. A discussion about ways to strengthen collaboration with the private sector also took place.

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