ISLAMABAD: The European Union and Pakistan on Monday signed \u20ac65 million in financing agreements to support Global Gateway investments, strengthen the rule of law and business environment, and enhance energy and environmental resilience.<\/p>\n
The programmes include \u2018Global Gateway Development Facilitation for Pakistan\u2019, \u2018Energy and Natural Environment Resilience in Khyber Pakhtunkhwa\u2019 and \u2018EU Support to the Rule of Law and Business Environment in Pakistan\u2019.<\/p>\n
This cooperation package operationalises the EU and Pakistan\u2019s shared commitment to promoting economic and energy development and advancing the rule of law, according to a press release issued by the Economic Affairs Division.<\/p>\n
The agreements were signed by EU Ambassador to Pakistan Raimundas Karoblis and Secretary Economic Affairs Division Muhammad Humair Karim.<\/p>\n
Funded under the EU\u2019s Multiannual Indicative Programme 2021-2027, the initiatives focus on three main aspects of Pakistan\u2019s development.<\/p>\n
The press release said the \u2018Global Gateway Development Facilitation for Pakistan: Investment Management and Financial Enabling Environment\u2019 project aims to attract more foreign investment to Pakistan by improving the tax system and strengthening the government\u2019s long-term financial planning.<\/p>\n
The \u2018Energy and Natural Environment Resilience programme in Khyber Pakhtunkhwa (KP)\u2019 is designed to expand renewable energy in rural communities that are not connected to the electricity grid. It will also provide training to help attract private investment and increase private sector involvement in KP\u2019s energy sector.<\/p>\n
Building on previous EU assistance, the \u2018EU Support to the Rule of Law and Business Environment in Pakistan\u2019 will further help people access the police, prosecution, courts and legal aid in the provinces of KP and Balochistan.<\/p>\n
The programme will also support the provinces of Punjab and Sindh in expanding the use of alternative and commercial dispute resolution mechanisms in legal cases so that more European and other companies are interested in investing in those provinces.<\/p>\n
The EU\u2019s development cooperation with Pakistan remains focused on economic development, climate resilience, governance and the rule of law, human rights and sustainable natural resources.<\/p>\n
Speaking at the occasion, Karim expressed his appreciation for the EU\u2019s continued support and partnership. He highlighted the timely nature of the interventions and their strong relevance to Pakistan\u2019s goal of increased foreign investment, improved access to electricity in off-grid rural areas in KP, and more advanced standards in the rule of law and the resolution of commercial disputes.<\/p>\n
\u201cThese agreements demonstrate the EU\u2019s commitment to supporting Pakistan\u2019s economic development and investment ambitions under our flagship Global Gateway initiative,\u201d said Ambassador Karoblis.<\/p>\n
The ambassador said the programmes would also support the authorities in KP in building a stronger and resilient energy sector while promoting the sustainable management of natural resources.<\/p>\n
\u201cThe Rule of Law will further strengthen access to justice for citizens in KP and Balochistan. In addition, Punjab and Sindh will benefit from our support to strengthen alternative and commercial dispute resolution through collaboration with the judiciary, legal professionals, universities and the business community,\u201d Karoblis added.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD: The European Union and Pakistan on Monday signed \u20ac65 million in financing agreements to support Global Gateway investments, strengthen the rule of law and business environment, and enhance energy and environmental resilience. The programmes include \u2018Global Gateway Development Facilitation for Pakistan\u2019, \u2018Energy and Natural […]<\/p>\n
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