Germany would provide €13.5 million for the phase-1 of the Billion Tree Afforestation Support Programme, supplementing the government’s efforts for reducing the impacts of climate change, said a statement issued here on Friday.
The Economic Affairs Ministry said that the German government was also considering another €20 million for the next phase of the project, adding that these investments would result in sustainable forest management and jobs creation, especially for women and youth. In this regard, according to the statement, a financing agreement was signed by the Economic Affairs Ministry and the KfW Development Bank of Germany for the Phase-1 of the Billion Tree Afforestation Support Programme.
“With the funds provided by the German government, KfW Development Bank will support the efforts of government of Pakistan to reduce the impacts of climate change by planting 10 billion trees,” the statement added.
It would also support efforts to introduce best practices on native and invasive plant species, training on firefighting techniques and provision of equipment, and women and youth engagement and empowerment.
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“Through the KfW Development Bank, the government of Germany will provide a grant of €13.5 million to the government of Pakistan for the project. The project will result in a clean and green environment through reduction in carbon emissions and bring about socioeconomic benefits to local communities.”
The agreement was signed by KfW Country Director Sebastian Jacobi and Economic Affairs Division Secretary Asad Hayaud Din. On the occasion, the secretary thanked the German government for supporting the flagship project of the Pakistan government.
“The government of Pakistan has set ambitious targets to mitigate the impact of climate change. In this regard, continued support of Germany is highly commendable. This investment will lead to a better and healthy future for the generations to come,” he said.
Speaking on the occasion, Jacobi stated that the KfW was actively supporting Pakistan in the energy and climate sectors with an active portfolio of more than €300 million. “These efforts will … help mitigate the risks of climate change,” he added.
According to the statement, Germany is also considering provision of another €20 million for the next phase of the project. The signing of the agreement coincides with the celebrations for 60 years of development cooperation between the two countries.
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