EIB starts strategic discussion for joining uplift initiatives in Pakistan

ISLAMABAD: The European Investment Bank (EIB) has initiated strategic discussion for participating in development initiatives in Pakistan.

Federal Minister for Economic Affairs welcomed a delegation from the European Investment Bank (EIB) led by Edvardas Bumsteinas, Head of Division for Asia & Pacific, alongside key representatives from the EU Delegation in Pakistan. He emphasized on the strategic importance of this visit for Pakistan and opined that this engagement would help explore various avenues for close collaboration between the EIB and Pakistan.

The minister highlighted that EIB’s priority areas such as climate action, and high-impact global investments in water, energy and transport sectors align with Pakistan’s development needs. He expressed appreciation for the EIB’s €50 million loan for the Rehabilitation of the Warsak Hydro Power Project, noting its critical role in restoring the plant’s capacity.

The delegation from the EIB has shown interest in several key projects including those financed by other international financial institutions such as the World Bank (WB) and the Asian Development Bank (ADB) and Asian Infrastructure Investment Bank (AIIB). They are particularly keen on exploring opportunities to provide loans for a range of significant initiatives in Pakistan.

Among these are the N-5 road widening project, which aims to improve road connectivity and transportation efficiency particularly in flood hit areas.

Additionally, the delegation is interested in water filtration and industrial water recycling projects in Karachi, which are vital for addressing urban water supply challenges, and in renewable and hydropower energy projects, which align with global trends towards sustainable energy solutions.

This interest underscores the EIB’s commitment to supporting critical infrastructure and development efforts that are essential for Pakistan’s economic growth and sustainable development. The minister urged on the mission to explore the possibility of extending technical and financial assistance to National Transmission Dispatch Company (NTDC) and Pakistan Railways.

Earlier on Wednesday during a technical session held under the chairmanship of Kazim Niaz, Secretary MoEA, a list of 12 potential projects for co-financing was shared and discussed at length. The minister expressed hope that the EIB would consider funding some of these key projects to support Pakistan’s development agenda. Edvardas Bumsteinas responded positively, indicating that he would discuss these projects with senior officials at the EIB HQ to explore possible funding opportunities.

The minister thanked the EU ambassador and Head of Cooperation for their continuous support and assured the EIB and EU Delegation of the Ministry’s full cooperation in ensuring the efficient utilization of their assistance in Pakistan.