Pakistan, EU sign EUR 20 million financing agreement

Islamabad: The Pakistani government and the European Union (EU) have signed a EUR 20 million grant financing agreement to launch an initiative aimed a...

Islamabad: The Pakistani government and the European Union (EU) have signed a EUR 20 million grant financing agreement to launch an initiative aimed at strengthening governance and improving the business environment, as part of efforts to support Pakistan's economic situation.

The agreement was signed by Undersecretary of Pakistani Ministry of Economic Affairs Kazim Niaz, and EU Ambassador to Pakistan Rena Cunca.

The agreement aims to enhance the competitiveness of the Pakistani private sector, particularly small and medium-sized enterprises (SMEs), by developing relevant legislative frameworks, supporting the green transformation of export-oriented companies, facilitating targeted green investments, and enhancing public-private dialogue.

The program is aligned with the EU's Global Gateway strategy, the Generalized System of Preferences (GSP) commitments, and the European Green Deal, contributing to promoting smart and sustainable investment and building more resilient and sustainable value chains.