ISLAMABAD (Dunya News) - Pakistan and Germany’s government-owned development bank KfW have signed an agreement worth €18 million to support renewable energy initiatives.
According to a spokesperson for the Economic Affairs Division, KfW will provide a grant of €18 million to the Government of Pakistan. The funds will be utilised to promote green and renewable energy projects in the northern areas of the country.
The agreement was signed by Secretary Economic Affairs Dr Muhammad Humair Karim on behalf of Pakistan, while KfW Country Director Sebastian Jacobi signed the grant agreement on behalf of the German development bank.
Dr Humair Karim expressed gratitude to the German government for the financial support, saying the grant would help meet the growing energy needs of the region through environmentally friendly solutions.
Sebastian Jacobi said the assistance would enable people in the northern areas to gain access to green and sustainable energy. He added that the initiative would also create employment opportunities and help boost tourism in the region.