ISLAMABAD, Pakistan: Pakistan and Germany have signed three agreements worth €60 million as the two countries seek to expand their bilateral cooperation.
The signing ceremony was held in Islamabad on Wednesday at which the Finance Minister Ishaq Dar and the German Deputy Minister for Economic Cooperation Thomas Silberhorn were also present.
Under the first agreement, Germany will provide €40 million loan to Pakistan for rehabilitation of Warsak Hydropower Plant.
The two other agreements worth €10 million are related to rehabilitation of Temporarily Displace Persons (TDPs) in the Federally Administrated Tribal Areas (FATA) and grant for Regional Infrastructure Fund in Khyber Pakhtunkhwa.
On the occasion, the finance minister said that Pakistan wants to expand its cooperation with Germany in various fields.
The German deputy minister appreciated Pakistan’s structural reform efforts and achievement of economic stability.
Pakistan and Germany established their diplomatic ties in 1951 and since then, they have enjoyed warm friendly relations. Their relations encompass nearly all areas of international relations viz, political, economic, trade and investment, environment, energy, culture and education and security cooperation etc.
Currently, Germany is Pakistan’s fourth largest trading partner globally and the largest in the European Union.
