Islamabad: According to press reports, Minister for Economic Affairs Omar Ayub Khan announced the signing of a EUR 129 million development cooperation agreement between Germany and Pakistan on Tuesday (November 2).

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Under the terms of the agreement, German companies and firms will provide support and funds for a variety of government initiatives, including digital governance, social protection, startup promotion, increased solar energy use, women’s self-employment in the private health sector, and the development of hydropower and renewable energy.

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Minister Omar Ayub of Pakistan led the discussions for the cooperation agreement and expenditure areas, while Gisela Hammerschmidt, Commissioner for Asia at the Federal Ministry for Economic Cooperation and Development, represented Germany. Both parties decided to broaden their partnership in a number of areas. The two countries’ relationship, according to the minister, extends back 60 years, and the present deal is a step forward in making it more profitable for both parties.

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