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Italy writes off 57million loan

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ISLAMABAD: Italy has waved off 57 million euros loan against Pakistan and the amount would be utilized on reconstruction and restoration of the quake-hit areas.

The decision was taken in a meeting held between Minister of State for External Affairs, Khusro Bakhtiar and deputy Foreign Minister of Italy Giani Wanitty here at the Foreign Office on Friday.

The two leaders signed two memorandum of understanding (MoU), one related to writing off the 57 million loan by Italian government and the second to culture, cooperation in science and technology, protocol and executive programme of culture, scientific and technological cooperation 2006-08.

The two countries agreed on enhancing ties in trade, economy, defence and investment. There was also consensus between the two countries in war on terror, information sharing, reforms in UN Security Council and other regional and international issues.

Pakistan and Italy opposed extension in the United Nations Security Council and said that reforms in UN should be brought after mutual consultation.

Khusro Bakhtiar on the occasion said that Pakistan values relation with Italy, which would be strengthened with the visit of deputy foreign minister.

End.