ISLAMABAD     -   Pakistan and Germany have signed an agreement under the Pakistan-Germany Development Programme for financial assistance worth 22.4 million Euros to support existing projects in the area of renewable energies, better grid connections and improved access to financial services.

The improved access to financial services would through microfinance initiative with Pakistan Microfinance Investment Company (PMIC).

Secretary Economic Affairs Division, Noor Ahmed, and Charge’ d’ Affaires of the German Embassy in Islamabad, Dr. Jens Jokisch, signed the agreement. Federal Minister for Economic Affairs, Mr. Muhammad Hammad Azhar witnessed the signing ceremony of the Financial Agreement (FC) which also includes support for Social Health Protection schemes in KP and GB.

These agreements shall provide health insurance to underprivileged masses and investments for polio eradication in collaboration with Ministry of National Health Services, Regulation and Coordination.

Development cooperation between Pakistan and the Federal Republic of Germany dates back to 1961, with the funding volume to date totaling more than 3 billion Euros.

The contracting parties underlined the good relations between Germany and Pakistan and looked forward to strengthen their cooperation. Both sides look forward to having meaningful deliberations in the upcoming Government to Government Negotiations in Berlin to commit funds for future projects.

Federal Minister for Economic Affairs, Mr. Muhammad Hammad Azhar thanked the German Government for the grant assistance geared towards the betterment of the people of Pakistan. He opined that the financial assistance from Germany will support key priority sectors of the Government like renewable energy, social health protection and access to financial services. 

He said Government of Pakistan honours and appreciates financial cooperation from the Government of Germany and looks forward to strengthen bilateral relations in future specifically after the Government to Government negotiations in September, 2019.