Islamabad: Minister for Economic Affairs Omar Ayub Khan on Tuesday (November 02) announced the signing of a development cooperation deal between Germany and Pakistan for EUR 129 million, the news sources reported. Under the deal, the German companies and firms will provide assistance and funds for various sectors of government including digital governance, social protection, startup promotion, increased use of solar energy, self-employment of women in the private health sector, and hydropower and renewable energy development.
The negotiations for the cooperation deal and the spending areas were led by Minister Omar Ayub from the Pakistan side while the German side was represented by the Commissioner for Asia at the Federal Ministry for Economic Cooperation and Development Gisela Hammerschmidt. Both parties agreed to expand their collaboration in a variety of areas. According to the minister, the two nations’ relationship dates back 60 years, and the current agreement is a step forward in making it more profitable to the parties.
Furthermore, the German team included representatives from the German Foreign Office, the KfW investment bank, the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) a German investment agency, and the Federal Institute for Geosciences and Natural Resources (BGR).
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