EIB delegation expresses interest in Karachi water projects, renewable energy

September 05, 2024 (MLN): The delegation from the European Investment Bank (EIB) yesterday expressed interest in water filtration and industrial water recycling projects in Karachi, which are essential for addressing urban water supply challenges, as well as in renewable energy and hydropower projects.

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.

Federal Minister for Economic Affairs welcomed a delegation from the EIB led by Edvardas Bumsteinas, Head of Division for Asia & Pacific, alongside key representatives from the EU Delegation in Pakistan.

He emphasized 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 is the N-5 road widening project, which aims to improve road connectivity and transportation efficiency, particularly in flood-hit areas.

The Minister urged the mission to explore the possibility of extending technical and financial assistance to National Transmission Dispatch Company (NTDC) and Pakistan Railways.

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.

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