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Germany commits €129m for development cooperation

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ISLAMABAD:

Pakistan and Germany on Tuesday signed a financial cooperation agreement worth €129 million.

Chairing biennial negotiations on development cooperation, Federal Minister for Economic Affairs Omar Ayub Khan witnessed the signing of the agreement between the Ministry of Economic Affairs, Pakistan and the Federal Ministry for Economic Cooperation and Development, Germany.

The minister appreciated Germany’s enhanced economic collaboration with Pakistan. “Pakistan and Germany are long-standing development partners,” he remarked as the two sides marked 60 years of development cooperation.

Germany committed €129 million for future development cooperation, in addition to the ongoing portfolio, according to a statement. During talks, both sides underlined the importance of close cooperation and partnership.

The German Federal Ministry for Economic Cooperation and Development committed new funding in three sectors, ie good governance, climate and energy, training and sustainable growth. The new financing would be allocated to different projects including digital governance, social protection, promotion of startups, promotion of solar energy, self-employment of women in the private health sector, development of hydropower and renewable energy, the statement said.

Pakistani delegation briefed German counterparts about the ongoing policy reforms, initiatives and future development priorities, which included a stronger focus on transparency, institutional reforms, poverty alleviation, social protection, human resources development, climate change 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.

Pakistani side invited the German delegation to visit the country in future as well, which was accepted by them.

While acknowledging the formidable socioeconomic security and governance challenges, the minister of economic affairs underlined the commitment to transform these into opportunities and build upon them for the benefit of the nation.

Pakistani delegation was headed by Economic Affairs Division Secretary Mian Asad Hayauddin and included representatives of the Ministry of Foreign Affairs, Ministry of Finance, Federal Board of Revenue and provincial governments. German delegation was headed by Federal Ministry for Economic Cooperation and Development Commissioner for Asia Gisela Hammerschmidt and included representatives of the German Foreign Office, KfW.

Published in The Express Tribune, November 3rd, 2021.

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