German Parliamentary Minister for Economic Affairs Niels Annen on Tuesday announced economic assistance worth 163 million euros for Pakistan.

He made this announcement during his meeting with Economic Affairs Minister Sardar Ayaz Sadiq, saying the assistance would be given in lieu of three to five years development projects.

According to the press release, Germany would also provide an additional and immediate aid of 27 million euros, to be distributed through Benazir Income Support Programme (BISP), to overcome food shortages in the flood-affected areas of Pakistan.

On the occasion, the two sides agreed to increase cooperation in the fields of energy, investment, environment and technical training.

Ayaz Sadiq said Pakistan attached great value to its long standing and historic ties with Germany.

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