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EU, Pakistan announce $74.6m deals to enhance business, clean energy, rule of law

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The European Union (EU) and Pakistan signed three grant agreements for €65 million ($74.6 million) on Monday that would assist Islamabad attract international investment, deliver renewable energy to off-grid populations in its northwest and improve access to justice, the information ministry said.

The awards are financed through the EU’s Multiannual Indicative Program 2021-2027 and are part of Global Gateway, the European Commission’s infrastructure investment agenda.

The plan intends to mobilize up to €300 billion ($344.6 million) in public and private investment globally in the period 2021-2027 in sectors such as technology, energy and transport.

The Pakistani government is focusing on attracting more foreign investment as it tries to achieve sustainable economic growth. In 2023 it created the Special Investment Facilitation Council, a hybrid government entity comprising both civilian and military leaders, to attract international investment to vital economic sectors.

Addressing the signing, EU Ambassador Raimundas Karoblis said: “These agreements reflect the EU’s commitment to Pakistan’s economic development and investment ambitions under our flagship Global Gateway initiative.”

The first program attempts to promote foreign investment by improving the taxation structure in Pakistan and by boosting the long-term financial planning of the government.

The second would increase renewable energy in rural villages in Khyber Pakhtunkhwa (KP) province that are not connected to the national grid. It will also train to attract private investment into the energy industry of the province.

The third, building on EU assistance before, will help individuals in Khyber Pakhtunkhwa and Balochistan access police, prosecution services, courts and legal aid.

Both provinces share a border with Afghanistan and have bore the brunt of extremist strikes in Pakistan in recent years. Research and data platform South Asia Terrorism Portal recorded 176 attacks and 438 deaths in Balochistan in July, the highest number of violence in the month, while KP recorded 143 occurrences and 244 fatalities during the period.

The same program will help Pakistan’s most populous and industrialized provinces, Punjab and Sindh, to expand alternative and commercial conflict resolution with the declared purpose of making them more appealing to European and other corporations seeking to invest.

The EU’s development partnership with Pakistan focuses on economic development, climate resilience, governance, rule of law, human rights and sustainable management of natural resources, the statement stated. The European Union (EU) and Pakistan on Monday inked three grant agreements for €65 million ($74.6 million) to assist Islamabad attract international investment, deliver renewable energy to off-grid populations in its northwest and improve access to justice, the information ministry said.

The awards are supported under the EU’s Multiannual Indicative Program 2021-2027 and are part of the European Commission’s infrastructure investment initiative, Global Gateway.

The plan intends to mobilize up to €300 billion ($344.6 million) in public and private investment globally in the period 2021-2027 in sectors such as technology, energy and transport.

The Pakistani government is focusing on attracting more foreign investment as it tries to achieve sustainable economic growth. In 2023 it created the Special Investment Facilitation Council, a hybrid government entity comprising both civilian and military leaders, to attract international investment to vital economic sectors.

Addressing the signing, EU Ambassador Raimundas Karoblis said: “These agreements reflect the EU’s commitment to Pakistan’s economic development and investment ambitions under our flagship Global Gateway initiative.”

The first program attempts to promote foreign investment by improving the taxation structure in Pakistan and by boosting the long-term financial planning of the government.

The second would increase renewable energy in rural villages in Khyber Pakhtunkhwa (KP) province that are not connected to the national grid. It will also train to attract private investment into the energy industry of the province.

The third, building on EU assistance before, will help individuals in Khyber Pakhtunkhwa and Balochistan access police, prosecution services, courts and legal aid.

Both provinces share a border with Afghanistan and have bore the brunt of extremist strikes in Pakistan in recent years. Research and data platform South Asia Terrorism Portal recorded 176 attacks and 438 deaths in Balochistan in July, the highest number of violence in the month, while KP recorded 143 occurrences and 244 fatalities during the period.

The same program will also help the most populated and industrialized regions of Pakistan, Punjab and Sindh, to increase alternative and commercial conflict resolution, with the declared purpose of making them more attractive for European and other corporations seeking to invest.

The EU’s development cooperation with Pakistan covers economic development, climate resilience, governance, rule of law, human rights and sustainable management of natural resources, the statement said.

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India’s Jio IPO opens for public bids in record $3.2 billion sale

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Jio Platforms’ (JIOP.NS) $3.2 billion IPO launches on Wednesday, testing demand for India’s largest share sale to date and the first from billionaire Mukesh Ambani’s Reliance (RELI.NS) conglomerate in two decades.

The Jio Platforms IPO will be a crucial test of global appetite for fresh share offerings at a time when investors have tightened their examination of AI-related companies which some analysts think might see them shifting away from the technology.

Jio Platforms, the parent of India’s biggest telecom firm with over 500 million subscribers, backed by Meta, ​Google and institutional investors, is the world’s second-largest telecom operator in a single country behind China Mobile.

The IPO ​values Jio Platforms at up to $108.3 billion, possibly making it one of India’s biggest corporations by market valuation when ​trading kicks out on October 28. About a third of the shares on offer are allocated for retail investors.

Jio Platforms this week allocated $853 million worth of shares to global and local investors including Abu Dhabi Investment Authority and BlackRock, after the reserved part for such investors attracted bids of more than $25 billion.

LAUNCH DATES FESTIVE

Retail investors and Reliance’s employees and stockholders will get a chance to join in the offering that closes Friday and has a price range of 1,065 to 1,119 rupees a share.
The IPO is Reliance’s first since 2006 and is larger than previous huge offerings such as Hyundai Motor India (HYUN.NS), opens new tab, and National Stock Exchange (NSEI.BO).

The plans were also delayed in 2025, when Ambani first said he planned to list in five years in 2019. A filing in as early as March was stymied by the Iran war sapping IPO enthusiasm.

Ambani’s son Akash runs Jio Platforms’ telecom company, which started in 2016 with the gamble that Indians would use the internet a lot more if it cost virtually nothing. It quickly seized market share from rivals like Bharti Airtel (BRTI.NS), opens new tab and Vodafone Idea (VODA.NS), opens new tab with cheap data ​and free voice calls.

Jio Platforms is selling its IPO in the middle of a Hindu festive season, seen as a lucky time for buying, although Indian markets have been dull in recent weeks.

Reliance this month also paid pay cheques approximately 15 days early to its more than 400,000 employees and in recent weeks helped expedite share account opening services to people interested in applying for the IPO, said a person in the business with direct knowledge of the situation.

Reliance did not immediately reply to a request for comment.

For the year ending in March, Jio Platforms posted a profit of $3.2 billion on revenue of $15.5 billion. Its telecoms division alone accounted for over 90% of those figures.

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Pakistan borrows Rs1,514bn in first quarter of FY2026-27

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Documents of the Ministry of Economic Affairs showed that the government borrowed Rs1,514 billion during first quarter of the current fiscal year 2026-27, July-September including Rs1,037 billion in September alone.

The data show that the government borrowed around Rs913 billion more in September 2026 than in September 2025.

The documents showed that the government sold $3 billion worth of bonds in September. Of this, $1.75 billion of bonds have an interest rate of 7.5% and the rest $1.25 billion have an interest rate of 7.9%. The bonds will maturity in 2036.

The Ministry of Economic Affairs said the revenues from the issuing of the $3 billion bond could be utilised for budget support, with the Ministry of Finance as the executing agency. The amount is around Rs818 billion in local currency.

Besides the bonds, the government borrowed Rs17 billion through non-project finance, which comprises budget support and short-term loans.

“The documents also revealed that the government obtained $5.44 billion in foreign loans and grants from July to September. This was up $3.63 billion from the $1.81 billion received in the same time of the last fiscal year.

In the first quarter, the government also obtained a $300 million medium-term financing arrangement from an international commercial bank.

The Economic Affairs Division said the funds mobilised through the Naya Pakistan Certificates had witnessed a massive surge during the first quarter of the current fiscal year. During the period, Naya Pakistan Certificates worth $942.7 million were issued.

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PSX gains over 400 points at opening

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— The Pakistan Stock Exchange (PSX) kicked off on a bullish note on Tuesday with the benchmark KSE-100 Index rising more than 400 points in early trade.

The index rose to 166,425 points at the start of the second trading session of the business week, indicating better market performance.

The KSE-100 Index closed down 453 points at 165,966 points in the last trading session.

The benchmark index turned positive during early trading after falling in the previous session. The latest gains were made as the benchmark index went into positive territory during early trading.

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