Islamabad: The Ministry of Economic Affairs hosted a significant meeting with a delegation from the European Investment Bank (EIB) to discuss collaborative development projects in Pakistan. The session focused on strategic initiatives in key sectors like energy, water, and transportation, aligning with both EIB’s investment priorities and Pakistan’s development goals.
According to Press Information Department, the Federal Minister for Economic Affairs emphasized the importance of the EIB delegation’s visit, led by Mr. Edvardas Bumsteinas, Head of Division for Asia and Pacific. The meeting was aimed at exploring potential avenues for collaboration, focusing on EIB’s priority areas such as climate action and high-impact investments. The Minister highlighted the EIB’s ongoing support, including a €50 million loan for the Rehabilitation of the Warsak Hydro Power Project, which is crucial for enhancing the plant’s capacity.
The discussions also covered interest from the EIB in several significant projects in Pakistan, some of which are co-financed by other international financial institutions like the World Bank, the Asian Development Bank, and the Asian Infrastructure Investment Bank. The delegation expressed particular interest in projects such as the N-5 road widening, crucial for improving transportation in flood-affected areas, and water projects in Karachi aimed at improving urban water supply and recycling.
Additionally, the EIB is looking into supporting renewable and hydropower projects that align with global sustainable energy trends. The Minister called on the EIB mission to consider extending technical and financial assistance to the National Transmission Dispatch Company and Pakistan Railways, which would bolster Pakistan’s infrastructure and economic growth.
The meeting also included a technical session chaired by Mr. Kazim Niaz, Secretary of the Ministry of Economic Affairs, where a list of 12 potential projects for co-financing was reviewed. Mr. Bumsteinas responded positively, indicating a potential for funding opportunities after further discussions with senior officials at EIB headquarters.
The Minister expressed gratitude towards the EU Ambassador and Head of Cooperation for their ongoing support and assured full cooperation from the Ministry in utilizing the assistance effectively for Pakistan’s development.