Islamabad, 17 December 2021 (TDI): Ministry of Economic Affairs of Pakistan, and KfW Development Bank of Germany signed a financing agreement for Billion Tree Afforestation Support Program (Phase-1).
Mian Asad Hayaud Din, Secretary Economic Affairs Division, and Sebastian Jacobi, Country Director, KfW signed the agreement in Islamabad. The government of Germany, through the KfW Development Bank; will provide a grant of 13.5 million euros to the Government of Pakistan.
FUNDING FOR PAKISTANI EFFORTS AGAINST CLIMATE CHANGE
With the funds provided by the German Government, KfW Development Bank will support the efforts of the Government of Pakistan to reduce the impacts of climate change. That support would be provided by planting 10 Billion Trees, introducing best practices on native and invasive plant species.
Those efforts also include training on firefighting techniques, and provision of equipment, and women/youth engagement and empowerment. The project will result in a clean and green environment through a reduction in carbon emissions. Finally, the involved parties mentioned that it will also bring about socio-economic benefits to local communities.
While addressing on the occasion, Mr. Sebastian Jacobi, Country Director KfW stated that KfW is actively supporting the Government of Pakistan in the Energy and Climate Sector with an active portfolio of more than 300 million euros.
HYDROPOWER AND IMPACT ON THE COMMUNITIES
KfW has provided funding for the construction and rehabilitation of three hydropower projects, construction of power substations, installation of micro-hydel power plants, and also providing micro-financing for solarization of the homes in off-grid areas.
These efforts will result in bringing a sustainable and lasting positive impact. That impact would be in the lives of the deserving communities in the country and help mitigate the risks of climate change.
Mian Asad Hayaud Din, Secretary of Economic Affairs Division expressed gratitude to the Government of Germany for supporting the flagship project of the Government of Pakistan.
He further highlighted that the Government of Pakistan has set ambitious targets to mitigate the impact of climate change. In this regard, the continued support of Germany is highly commendable. These investments will lead to a better and healthy future for the generations to come.
The Government of Germany is also considering providing another 20 million euros for the next phase of the project. Together, these investments will result in sustainable forest management by the government institutions and create jobs; especially for women and youth. The signing of this agreement coincides with the celebrations for 60 years of development cooperation between the two countries.
