| Islamabad: The Government of Pakistan has submitted a proposal for co-financing 12 key development projects to the European Investment Bank (EIB), including N-5 Road, as reported on September 9.
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As per details, the EIB delegation, led by Head of Division for Asia and Pacific Edvardas Bumsteinas has shown significant interest in these initiatives. During a strategic discussion with the EIB delegation, the Ministry of Economic Affairs, led by the Federal Minister for Economic Affairs, underscored the importance of this visit in fostering closer collaboration between Pakistan and the EIB. The minister highlighted that the EIB’s focus on high-impact investments in climate action, water, energy, and transport aligns with Pakistan’s developmental priorities.
The EIB has already committed EUR 50 million to the Rehabilitation of the Warsak Hydro Power Project, a move the minister praised as crucial for restoring the plant’s operational capacity. The delegation expressed interest in various other projects, including those supported by the World Bank, Asian Development Bank (ADB), and Asian Infrastructure Investment Bank (AIIB).
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Key projects under consideration include the N-5 road widening initiative aimed at enhancing transportation efficiency in flood-affected regions, and urban water management projects in Karachi, focusing on water filtration and industrial recycling. Additionally, the EIB is interested in renewable and hydropower energy projects, reflecting a global shift towards sustainable energy solutions.
The minister also encouraged the EIB to consider providing technical and financial support to National Transmission Dispatch Company (NTDC) and Pakistan Railways to bolster the country’s infrastructure.
In a technical session chaired by Kazim Niaz, Secretary of the Ministry of Economic Affairs, the list of 12 potential projects was thoroughly reviewed. The minister expressed optimism that the EIB would support these critical initiatives to advance Pakistan’s development goals.
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Edvardas Bumsteinas indicated that these projects will be reviewed at the EIB’s headquarters to explore funding opportunities. The minister concluded by thanking the EU Ambassador and the Head of Cooperation for their ongoing support and reaffirmed Pakistan’s commitment to ensuring the effective use of EIB assistance. |
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