September 27, 2020

ECNEC Approves 7 Projects Worth Rs199 Billion

The Executive Committee for the National Economic Council in a meeting on Wednesday, headed by the Minister for Finance Dr. Abdul Hafeez Sheikh, approved 7 projects worth Rs199 billion. The projects approves are as follows:

  • Karachi Urban Mobility Project (Yellow Bus Rapid Transit-BRT Corridor), worth Rs61.439 billion.
  • First component of the Khyber Pass Economic Corridor project, worth Rs36.705 billion.
  • Interlinking of 220kV Daharki, Rahim Yar Khan, Bahawalpur and Chistian grid stations project, worth Rs 15.795 billion.

The committee also approved the formation of a coordination committee between the federal government and KPK government to overview funds allocations in the construction of Peshawar-Torkham Motorway. The committee also introduced a new mechanism of funds allocation for the approved projects. As per the new policy, the projects under the Public Sector Development Program (PSDP) would be allocated funds through the ministries division. The funds would be allocated in a manner that 20% of the funds would be given to the ministries division for each of the first and second quarters and 30% funds would be released to them in each of the third and fourth quarter.

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