Islamabad: Pakistan has formally approached the European Investment Bank (EIB) to seek co-financing for a series of development projects, including the expansion of the N-5 Road. The proposal encompasses 12 significant projects across various sectors, aiming to enhance the nation’s infrastructure and align with international environmental and energy standards.

According to Zameen.Com, a delegation from the EIB, led by Edvardas Bumsteinas, Head of Division for Asia and Pacific, met with officials from the Ministry of Economic Affairs to discuss the potential for collaboration. The meeting, which included the Federal Minister for Economic Affairs, focused on integrating EIB’s investment interests in climate action, water, energy, and transport with Pakistan’s development needs. The discussion highlighted the importance of the visit in strengthening the partnership between Pakistan and the EIB.

During their visit, the EIB delegation expressed their interest in several projects, including urban water management in Karachi and road expansion in flood-prone areas. The Ministry of Economic Affairs also urged the EIB to support the National Transmission Dispatch Company (NTDC) and Pakistan Railways to improve national infrastructure capabilities further.

The session, chaired by Kazim Niaz, Secretary of the Ministry of Economic Affairs, reviewed a list of 12 projects that could benefit from EIB’s funding. These discussions also touched upon existing commitments by the EIB, such as the EUR 50 million allocated for the rehabilitation of the Warsak Hydro Power Project, which the minister commended for its role in restoring the plant’s operational efficiency.

The meeting concluded with optimism about EIB’s support and acknowledgments to the EU Ambassador and the Head of Cooperation for their continued assistance. The EIB will now review these proposals at its headquarters to determine the feasibility and scope of funding for these initiatives.