ISLAMABAD, Pakistan and Italy signed Minutes of the approved projects worth of Rs. 3.13 billion here Economic Affairs Division on Monday.
The Secretary Economic Affairs Division and Italian Ambassador signed Minutes of the approved projects on behalf of their governments, under the ambit of Pak-Italian Debt Swap Agreement (PIDSA.
The Management Committee established for selection approval and evaluation of the projects, approved an amount of Rs. 5.41 billion for Federal/Provincial Governments/NGO’s and Italian Institutions in its third meeting held on August 19, 2010.
The above said signing of the Minutes ceremony was held to formally endorse the agreement signed between Pakistan and Italy for $100 Million (Debt for Development Swap) on November 2006 which entered into force on May 14, 2007.
Under this Agreement, development projects shall be financed sponsored by Federal, Provincial or Local Governments, Non-Governmental Organizations or channeled by relevant UN on the agreed sectors of Health, Education, Agriculture, basic Infrastructure leading to socio-economic development and environmental protection, etc.
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