The government has signed with Italy an agreement under which the latter would invest 20.5 million euros (Rs3.63 billion) for economic development in the Gilgit-Baltistan region of the country, Associated Press of Pakistan (APP) has reported.
According to reports, the investment will be used for infrastructural support, capacity building and technical assistance to benefit rural areas of Gilgit-Baltistan.
The objective of the Economic Transformation Initiatives (ETI) is the growth of irrigated crop areas, production and improved connectivity with markets through investments in economic infrastructure.
It will improve incomes and reduce poverty, malnutrition in rural areas of the region while benefitting around 100,000 rural households.
The Italian government has also joined hands with the International Fund for Agricultural Development (IFAD) under the initiative, which is providing $76 million over a period of seven years.