Government shares 12 projects with EIB for co-financing

The government has shared a list of 12 projects for co-financing with European Investment bank (EIB) since the bank’s mission to Pakistan expressed an interest in key projects including those financed by other financial institutions such as the World Bank, the Asian Development Bank and Asian Infrastructure Bank.  

The EID delegation was led by Edvardas Bumsteinas, Head of Division for Asia and Pacific, with other representatives in Pakistan.

The Ministry of Economic Affairs highlighted the important of this visit saying it could pave the way for forging stronger partnerships in areas including water, transport, climate action and energy.

The projects the EIB mission was most drawn to included the N-5 road-widening projects to improve transportation, supporting urban water management efforts, and renewable hydropower energy projects. Bumsteinas said these projects would be shared with the senior officials at the EIB’s headquarters so that funding opportunities could be explored.

Federal Minister for Economic Affairs expressed optimism over EIB’s interest in the said projects and said this would help further the country’s development agenda. He also encouraged the mission to lend financial and technical support to Pakistan Railways and the National Transmission Dispatch Company (NTDC) to strengthen the infrastructure of the country.

The minister also expressed his gratitude to EIB for the €50 billion loan for the rehabilitation of the Warsak Hydropower Project.