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Pak, EU sign Rs16 billion financing agreements

Pak, EU sign Rs16 billion financing agreements

ISLAMABAD: Secretary Economic Affairs Division Noor Ahmed and Ambassador of European Union to Pakistan Jean-Francois Cautain Friday signed two financing agreements.

The agreements, include “Development through Enhanced Education Programme – (DEEP)” and “Growth for Rural Advancement and Sustainable Progress – (GRASP)”, worth Rs15,942 million collectively.

Pakistan and European Union share a long history of Development Cooperation and the financing agreements are part of the Multiannual Indicative   Programme (2014-2020) signed between EU and Pakistan. These projects have been designed in collaboration with Government of Pakistan stakeholders.

GRASP is a six year programme that contributes to the reduction of poverty through development of rural SMEs thereby, creating gender inclusive employment and income opportunities in the rural areas of Sindh and Balochistan through targeted support to both the public and private sectors. It is a grant amounting to Euro 50 million.

DEEP aims to contribute towards universal access to quality education in Sindh, enabling young people to progress and engage in productive employment or higher/vocational education. It aims to support the implementation of the Educational Policy of the Government of Sindh and is also a grant amounting to Euro 50 million.

Welcoming signing of the agreements, Secretary EAD said the Government of Pakistan deeply appreciated the development assistance provided by the European Union. Both sides agreed to deepen their engagement in multiple areas of development cooperation.