ISLAMABAD, PAKISTAN (BNO NEWS) -- The United Kingdom on Tuesday announced that it will provide £1.4 billion ($2.3 billion) in development assistance to Pakistan, the APP news agency reported.

"The assistance will be utilized for the improvement of education, health and for job creation," Pakistan's Federal Finance Minister Abdul Hafeez Shaikh said after a meeting with the British delegation in Islamabad.

The financial aid will be allocated under the Department for International Development (DFID) for the next four years. The grant will help developing Pakistan's education and health sectors as well as improving economy and strengthening governance.

The UK delegation was headed by British Secretary of State for International Development, Andrew Mitchell, who encouraged Pakistan to continue its reform process for achieving macroeconomic stability and high growth.

"Under the new operational plan 2011-15 for Pakistan, the UK will be providing 1.4 billion pounds as development assistance for poverty reduction, health, education and governance," said Mitchell.

Hafeez Shaikh added that the British funding will represent a significant contribution towards socio-economic development and achievement of the Millennium Development Goals.

In addition, the United Kingdom vowed to help Pakistani products in accessing the European markets in order to boost economy and trade in the Asian country. The two sides also discussed Pakistan's strategy to promote inclusive economic growth.

Furthermore, Mitchell added that the development cooperation will be enhanced in the future. The Secretary remarked that on this path, Pakistan could become the highest recipient of British assistance by 2015.

Pakistan's Prime Minister Syed Yusuf Raza Gilani said that the Asian country "greatly values its strategic relationship with the United Kingdom and looks forward to further strengthening it."

"The cooperation between both countries in diverse fields is a manifestation of the depth of bilateral relations. The one-million-strong Pakistani community in UK serves as a bridge between the two countries," said Gilani.

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