The Federal Minister for Finance Senator Mohammad Ishaq Dar chaired the meeting of the Executive Committee of National Economic Council (ECNEC) here on Thursday.
ECNEC considered and approved two energy generation projects with the combined capacity of 75 MW on a proposal moved by Ministry of Kashmir Affairs and GB. The 40 MW Dowarian Hydro Power Project and 35MW Nagdar Hydropower project will be located in district Neelum, AJK and will be executed and operated by AJK Hydroelectric Board. The first project has total cost of Rs.5973.390 million and will be completed in 3 years. It is expected that the project shall generate annual income of 1258.95 million after its completion. The Hydropower project will be connected by laying 45km, 132 kv transmission line from Dowarian to 35 MW Nagdar hydro power project. The second one has the total cost of 6845.055 million rupees which will be completed in 4 years and shall yield annual income of Rs 1076 million after its completion. Both these projects will generate electricity on economic rates for the uplift of the area.
The proposal by Pakistan Audit Department on a project for improvement of financial reporting and auditing (PIFRA) Phase II, 2nd revised project was approved by ECNEC after detailed deliberations. The project has an estimated cost of Rs.10335.367 million including FEC of Rs. 8930 million a world bank/IDA loan. The project has the scope of modernizing government’s audit procedures and adopts internationally accepted auditing standards, which completed in Dec, 2014.
The Livestock and Access to Markets Project ( LAMP) Punjab was also approved by ECNEC. The Project has will cost Rs.3852.863million. It will be sponsored by Livestock and Dairy Development Department, Punjab. This project will strengthen the beneficiary communities including vulnerable women, private sector players and live stock and dairy development Department. After execution, the project will bring 50% increase in the net income of the targeted households and cause 50% and 33% decrease in mortality of cows/buffaloes and small ruminants respectively by the end of the project.
ECNEC also approved in principle the Construction of Havelian-Thakot (120.12km) road as phase I of Islamabad –Raikot section of China-Pak Economic Corridor. Ministry of Communication had moved the proposal for this project which has a total cost of Rs 95410 million. The project’s execution agency is NHA. The construction of the project will significantly enhance the potential for increased international trade between the neighboring countries and the central Asian developing countries.
ECNEC considered and approved Green Line Bus Rapid Transit System from Municipal Park Saddar to KESC power House Chowrangi Surjani, Karachi at a total cost of Rs. 16085.10 million. The project by Ministry of Communication, envisages construction of 17.80 km long 2-lane dedicated signal free Bus Rapid Transit system at Karachi. JICA has conducted a detailed feasibility of the project and this corridor, after completion, shall benefit 400,000 passengers per day. Finance Minister, Ishaq Dar said, the project was a gift from the Prime Minister to the people of Karachi as it was being undertaken on his initiative.
The proposal by Ministry of Defense for procurement of six Maritime Patrol Vessels (MPVs) for Pakistan Maritime security Agency at Karachi ship yard & Engineering Works/ foreign builders Shipyard with the total cost of Rs.13871 million was also approved by ECNEC with the condition that the boats will be procured on concessional credit with prior approval of terms and conditions of loan by the Ministry of Finance.
Another proposal by Ministry of Railways for the Special Repair of 100 diesel Electric Locomotives (DELs) was approved by ECNEC which will cost Rs. 4967 million. After repairs the locomotives would further improve freight and passenger service of Pakistan Railways.
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