Friday, January 27, 2023

Germany, Pakistan ink €129m financial cooperation agreement

Biennial negotiations on development cooperation also held at Economic Affairs Division

Pakistan and Germany on Tuesday signed a €129 million financial cooperation agreement to finance development projects in Pakistan.

Federal Minister for Economic Affairs Omar Ayub Khan witnessed the ceremony where financial cooperation agreement was signed between Pakistan’s Ministry of Economic Affairs and the Federal Ministry for Economic Cooperation and Development of Germany.

Appreciating Germany’s enhanced bilateral economic cooperation with Pakistan, Omar Ayub Khan said, “Pakistan and Germany are longstanding development partners and I congratulate both sides on completing 60 years of development cooperation.”

The Pakistani side briefed the German counterparts about 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.

Utilization of funds

The German Federal Ministry for Economic Cooperation and Development committed new funding in three sectors – good governance, climate and energy, and training and sustainable growth.

The funds will be used to finance different projects in Pakistan including:

  • Digital governance
  • Promotion of startups
  • Social protection
  • Promotion of solar energy
  • Self-employment of women in private health sector
  • Development of hydropower and renewable energy

Biennial Negotiations on Development Cooperation

Prior to the signing of the agreement, biennial negotiations on development cooperation between Germany and Pakistan were also held. Pakistan delegation was led by Secretary Economic Affairs Division, Mian Asad Hayaud Din, whereas Commissioner for Asia at the Federal Ministry for Economic Cooperation and Development, Gisela Hammerschmidt headed the German delegation. The visiting delegation includes representatives of the German Foreign Office, GIZ, KfW, and the Federal Institute for Geosciences and Natural Resources (BGR).

Expressing satisfaction at the trajectory of cooperation between Pakistan and Germany in various areas since 1961, the two sides underlined the importance of close cooperation and partnership.

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