The joint statement is considered an 'important step forward in the dialogue between Christians and Muslims'.
The move shows appreciation for those who give their lives in the fight against terrorism and financially supports children affected by militancy, officials say.
If passed, the law would establish a commission to register charities and oversee the collection of donations.
The two-day state visit is set to start February 16.
The Thespianz Theatre plans to organise a total of 330 shows in 11 locations throughout Karachi from January 14 through July 31.
A viral video showing a polio worker wade through deep snow to vaccinate children has drawn praise for the 'unsung heroes' seeking to eradicate the disease.