ISLAMABAD: Pakistan and Germany have inked financing agreement for hydropower and renewable energy phase-II worth Rs2,145.29 million.
Economic Affairs Division Secretary Dr. Syed Pervaiz Abbas and German Development Bank Wolfgang Country Director Moellers signed the document in Islamabad on Friday. Minister for Economic Affairs Hammad Azhar was also present on the occasion, read a statement issued by the ministry.
Under the agreement, the German bank will provide grant assistance worth € 12.5 Million to the government of Gilgit-Baltistan and Agha Khan Rural Support programme.
The implementation of HRE-II in Gilgit-Baltistan will contribute to the provision of electricity for the population of Hunza and Nagar through utilization of its abundant water resources, which will improve living standards and livelihoods of the local population and the region, read the statement.
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Speaking on the occasion, Hammad Azhar thanked the German government for the grant assistance which will be helpful in addressing the increasing energy needs of the region while employing environment friendly solutions.
He said that these initiatives are truly commendable as they are geared to impact the lives of the common man.
Wolfgang Moellers, while talking on the occasion said that soon the population of Gilgit-Baltistan will have access to the green and sustainable energy, which will contribute towards socio-economic uplift of the masses.
