Mr. Tariq Bajwa, Secretary, Economic Affairs Division, Government of Pakistan and Mr. Wolfgang Moellers, Country Director, KfW, signed the following Financing Agreement today at the EAD, Islamabad:

                      Glacier Monitoring for Energy and Water Security in Pakistan - Euro 6 million

Mr. Wolfgang Moellers stated that the agreement would help the Government of Pakistan in meeting the challenges posed by climate change. Mr. Moellers said that being the custodian of the largest number of Glaciers outside the arctic, Pakistan can surely assume global leadership in addressing a critical aspect of Climate Change through this Project. He stated that the KfW would continue its cooperation with Government in this regard.

Mr. Tariq Bajwa, Secretary, Economic Affairs Division stated that climate change was one of the major challenges facing the world today and needs an adequate and urgent management. Secretary, Economic Affairs Division thanked KfW for its beneficial cooperation with the Government of Pakistan in Glacier Monitoring and expressed the hope that the Bilateral Cooperation would result in better management of glaciers and water issues in Pakistan.