The European Investment Bank (EIB) expressed a keen interest in financing major infrastructure projects in Pakistan, focusing on the upgrade of the National Highway (N-5) from Karachi to Torkham and a significant water project in Karachi. The European Investment Bank has also committed £50 million ($55.5 million) for the rehabilitation of the Warsak Hydropower Project in Khyber Pakhtunkhwa, a crucial step in restoring the plant’s operational capacity.
A visiting delegation from the European Investment Bank, led by Edvardas Bumsteinas, Head of Division for Asia & the Pacific, demonstrated interest in participating in large infrastructure projects already being financed by multilateral lenders such as the World Bank, the Asian Infrastructure Investment Bank, and the Asian Development Bank. Pakistan provided the delegation with a portfolio of around 12 projects for potential investment, spanning sectors such as power transmission and railways.
During a technical session led by the Ministry of Economic Affairs, Secretary Kazim Niaz shared a list of 12 key projects that could benefit from co-financing by the European Investment Bank. These projects were thoroughly discussed with the delegation, which also included senior representatives from the EU Delegation in Pakistan. The economic affairs minister expressed optimism that the European Investment Bank would consider funding some of these significant projects to bolster Pakistan’s development agenda.
Edvardas Bumsteinas responded positively, indicating that he would engage with senior officials at EIB headquarters to explore possible funding opportunities. Both sides expressed hope that this ongoing collaboration would open doors for further cooperation between Pakistan and the European Investment Bank, particularly in the areas of climate action, water resources, energy, and transport.
The European Investment Bank delegation reiterated their interest in projects financed by other international financial institutions such as the World Bank, Asian Infrastructure Investment Bank, and the Asian Development Bank. Specifically, they are looking into the N-5 road widening project, which aims to enhance transportation efficiency and road connectivity, especially in areas affected by recent floods.
In addition to transportation projects, the European Investment Bank showed interest in water filtration and industrial water recycling projects in Karachi, which are critical for addressing the city’s growing water supply challenges. They also discussed renewable energy and hydropower projects, which align with global trends towards sustainable energy solutions.
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The EIB’s commitment to supporting Pakistan’s critical infrastructure projects is seen as a significant boost for the country’s economic growth and sustainable development. The ministry further requested that the EIB explore providing both technical and financial assistance to Pakistan’s National Transmission and Despatch Company and Pakistan Railways, emphasizing the potential for even broader collaboration in the future.
