Germany Allocates €24 Million to Support Energy and Trading Projects in Pakistan

Islamabad: In a significant boost to bilateral cooperation, Germany has committed €24 million to Pakistan for the development of sustainable energy and emissions trading projects. This funding was confirmed during a meeting between German Federal Minister for Economic Cooperation and Development Svenja Schulze and Pakistan’s Minister for Economic Affairs Ahad Khan Cheema in Islamabad.

According to Ministry of Information and Broadcasting, Minister Schulze praised the potential of Pakistan’s textile industry and highlighted the importance of expanding cooperation in this sector. Both ministers also recognized the critical role of climate-friendly projects and the development of Small and Medium Enterprises (SMEs) in strengthening Pakistan’s economy.

Minister Cheema expressed his appreciation for Germany’s ongoing support, which has included aiding Pakistan in achieving GSP+ status and providing €91.1 million for the country’s post-flood climate-resilient reconstruction. He also lauded German backing for hydropower projects and the Pakistan German Climate and Energy Partnership.

The funding aims to facilitate significant advancements in Pakistan’s clean energy initiatives and contribute to global efforts against climate change. Both countries reaffirmed their commitment to continuing support for these critical areas, ensuring that the assistance remains unaffected by potential budgetary constraints.

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