The signing ceremony of the Islamabad Waste Water Treatment Plant Project took place in Islamabad on the 4th of August 2004. This project comprises of the refurbishment of Phase I & II and rehabilitation of phase III of the existing sewerage treatment plant and the construction of the phase IV. This project is being financed under a French soft loan of 19,5 M€, for which a protocol was signed between the two governments in 1996, The signing ceremony took place at the CDA Chairman’s Office, in the presence of The Federal Minister for Interior, Mr. Faisal Saleh Hayat and The Ambassador of France, Mr. Pierre Charasse. Other people present at this occasion were Mr. Jean-Philippe Quercy, Head of the Economic Department of the French Embassy and Mr. Michel Canet Executive Vice-President of OTV France along with his team and partner companies, Al-Fajar International, EPC and Habib Rafiq. This project was initiated in 1996 and witnessed in 1998 the first agreement for consultancy between CDA and consultants BCEOM of France. Following this agreement the project encountered certain ups and downs for a period of 5 years. It was in May 2003 that BCEOM, the French consultants presented its final report and finally an invitation for tendering was called in August 2003. That process came to its conclusion on Wednesday the 4th of august 2004 with the signing of an agreement between CDA and OTV France -one of the numerous subsidiaries or the famous French group VEOLIA WATER SYSTEMS. France is one of the three major creditors of Pakistan and regularly contributes towards the development of the country for the benefit of its population and the social sectors. The French Treasury until today has offered protocols worth 840 million dollars representing 1,2 billion dollars of attributed contracts, which includes all the civil sectors. This intervention comes at a time when the French government has started to rethink its credit policy in favour of Pakistan, following the difficult decade of 1990. The government of Pakistan with the strong financial assistance of western partners has been endeavouring since late 1999 to build up a new solid economy. Consequently for the past 2 years the country has enjoyed a high growth rate which has drawn attention of the potential investors. The government has also successfully taken into account two major recommendations of the international community, i.e. the Paris Club debt rescheduling and the return of the Central Bank to the international market to finance the State budget. The French authorities are impressed by these achievements which are witnessing a positive economic evolution under the guidance of the President of Pakistan, General Pervaiz Musharraf, and that of the Minister of Finance, Mr. Shaukat Aziz. H.E The ambassador of France, Mr. Pierre Charasse was extremely pleased to be the representative of France in Pakistan at this important occasion which would prove to be a turning page in the history of the Franco-Pakistani economic relations, consequently contributing toward the fortifying of the goods relations between Pakistan and France.