The debt to grant conversion was carried out under the ambit of Pakistan-Italy Debt Swap Agreement, signed in 2006, for a total amount of $100 million, or Rs8.4 billion.
Secretary Economic Affairs Division and Italian ambassador to Pakistan signed the minutes of the approved projects under the agreement.
“Preferably the money would be used to finance projects in the areas of rural development, poverty alleviation, health, education, agriculture and basic infrastructure,” informed Secretary EAD, Sibtain Fazal Halim. He confirmed the government’s matching of Rs8.4 billion in the debt swap fund.
“Out of Rs3.2 billion, Rs2.7 billion would be available to finance the projects in the four federating units, with each province getting Rs600 to Rs700 million,” added the secretary.
Vincenzo Prati, the Italian Ambassador, announced an additional $400,000 grant, in the shape of relief goods, to help the flood victims. This comes on top of $5.12 million that have already been pledged by Italy for relief activities. Pakistan has already received goods equivalent to $1.92 million.
Published in The Express Tribune, September 7th, 2010.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ