Islamabad, Pakistan (CWBN)_ It was announced on Friday, that the European Union will be extending Euro 58 million (USD 70.24 million) in support to the Pakistani government to provide access to water, and develop the quality of primary and middle education, in the province of Balochistan.
The announcement follows the signing of two financing agreements by the Ambassador of the European Union to Pakistan, Androulla Kaminara and Secretary of the Ministry of Economic Affairs, Noor Ahmed.
Just last month, Josep Borrell, Vice-President of the European Commission said that “Shared threat of terrorism, worsening COVID-19 crisis in Europe and around the world, and growing international tensions make it more important than ever to deepen our ties with Pakistan. And this is what we will do.”
Meanwhile China has been deeply invested in Pakistani infrastructure, under its China-Pakistan Economic Corridor (CPEC) initiative, the total of which is valued at around USD 62 billion. However the “investments” are in fact loans.
Hence, the deepening levels of national debt is expected force Pakistan to grant China a 90 percent stake in any infrastructural developments, as repayment.
Nonetheless, given the severity of the Covid-19 pandemic and economic instability, finances have slowed down.
