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Pakistan, Germany sign three agreements

Finance Minister Ishaq Dar and German Deputy Development Minister, Thomas Silberhorn signed three agreements worth 60 million euro (7 billion PKR). The agreements signed between the two countries are for German development co-operation for Pakistan through KfW Development Bank. The agreements consist of a 10 million euro grant for the reintegration and rehabilitation for temporarily Displaced Persons in FATA as well as 10 million euro grant for the Regional Infrastructure Fund KP.

Moreover, a 40 million euro loan agreement for the rehabilitation of Warsak Hydropower plant, a joint project of Germany, France and the EU, was concluded. During his visit Silberhorn also met with members of the National Assembly. He will furthermore hold talks with Chief Minister Punjab Shabaz Sharif tomorrow. Silberhorn expressed respect for Pakistan''s structural reform efforts and the progress in the stabilisation of the country. He also emphasised the successful German-Pakistani co-operation which has been ongoing since the 1960s.

The Deputy Development Minister said: "Germany and Pakistan mutually benefit from increasingly close ties that reach from development co-operation to increased trade and intensified business contacts. Pakistan has embarked on structural reforms in the areas of governance, tax and energy which are needed to unleash Pakistan''s full growth potential. Progress is appreciable, but more needs to be done so that all citizens of Pakistan benefit from these reforms."-PR

Copyright Business Recorder, 2015


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