Islamabad, Sep 5: During strategic talks to further cooperation on important infrastructure and development projects, the Government of Pakistan has provided the European Investment Bank (EIB) with a list of 12 possible development projects for co-financing.
A group from the EIB expressed interest in a number of major projects, including those that have already received funding from organizations like the World Bank, the Asian Development Bank (ADB), and the Asian Infrastructure Investment Bank (AIIB). The visiting delegation was led by Edvardas Bumsteinas, Head of Division for Asia and Pacific.
The Ministry of Economic Affairs welcomed the EIB Mission to Pakistan and emphasized the significance of this interaction, pointing out that it may open the door for more robust collaborations in sectors like energy, transportation, water, and climate action.
A list of twelve projects was thoroughly addressed during a technical session that was facilitated by Kazim Niaz, Secretary of the Ministry of Economic Affairs. The N-5 road widening project, which aims to increase traffic efficiency in flood-affected areas, is one of the major projects attracting interest from the EIB.
Along with renewable and hydropower energy projects, the bank is eager to fund urban water management initiatives, such as water filtration and industrial water recycling in Karachi, reflecting global trends towards sustainable energy solutions. Pakistan’s goals for sustainable development are in line with the EIB’s emphasis on high-impact international investments, according to the Federal Minister for Economic Affairs.
The minister expressed hope that some of these important projects to advance Pakistan’s development goals would be funded by the EIB. In order to further fortify the nation’s infrastructure, he further urged the delegation to provide Pakistan Railways and the National Transmission Dispatch Company (NTDC) with financial and technical help.
Edvardas Bumsteinas said that in order to look into possible funding sources, these initiatives would be examined by senior officials at the EIB headquarters. The minister wrapped up the discussion by expressing gratitude to the EU Ambassador and the Head of Cooperation for their continued support and reassuring the EU delegation and the EIB of Pakistan’s commitment to making effective use of their aid.
