Islamabad, Sep 9: The Pakistani government has proposed to the European Investment Bank (EIB) to co-finance 12 important development projects, one of which is N-5 Road. According to specifics, these activities have piqued the interest of the EIB delegation, which is headed by Edvardas Bumsteinas, Head of Division for Asia and Pacific.
The Federal Minister for Economic Affairs, who leads the Ministry of Economic Affairs, emphasized the significance of this visit in promoting deeper cooperation between Pakistan and the EIB during a strategic meeting with the EIB delegation. The minister emphasized how Pakistan’s development priorities are in line with the EIB’s focus on high-impact investments in water, energy, transportation, and climate change.
The Warsak Hydro Power Project has already received a EUR 50 million commitment from the EIB, a step that the minister commended as being essential to restoring the plant’s operational capability. The delegation indicated interest in other projects, such as those funded by the Asian Infrastructure Investment Bank (AIIB), World Bank, and Asian Development Bank (ADB).
Important initiatives being considered are the N-5 road widening program, which aims to improve traffic efficiency in areas impacted by flooding, and Karachi’s urban water management projects, which concentrate on industrial recycling and water filtration. In line with the global trend towards sustainable energy solutions, the EIB is also interested in hydropower and renewable energy projects.
In order to strengthen the nation’s infrastructure, the minister also urged the EIB to think about offering Pakistan Railways and the National Transmission Dispatch Company (NTDC) financial and technical support.
The list of twelve possible projects was carefully examined during a technical session in which Secretary of the Ministry of Economic Affairs Kazim Niaz presided. The minister voiced hope that these important efforts to further Pakistan’s development objectives will receive support from the EIB.
Edvardas Bumsteinas stated that the EIB’s headquarters will analyze these projects in order to determine potential funding sources. In closing, the minister expressed gratitude to the EU Ambassador and the Head of Cooperation for their continued support and reiterated Pakistan’s commitment to making sure that EIB aid is used effectively.
