ECC approves proposals submitted by different ministries

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ECC approves proposals submitted by different ministries

ISLAMABAD, Apr 28 (APP): The Economic Coordination Committee
(ECC) on Friday approved proposals submitted by different ministries
in its meeting.
The ECC meeting was chaired by Finance Minister, Senator
Ishaq Dar, said a press release.
The ECC approved the proposal of Economic Affairs Division
(EAD) for grant of exemption to Japan International Cooperation
Agency (JICA) from all levies and taxes for the loan extended by the
Government of Japan/JICA on concessionary terms, amounting to JPY
2.665 billion (equivalent to US$ 26 million approximately), for the
Islamabad-Burhan Transmission Line Reinforcement Project.
The main objective of the project is to improve the
reliability of the national grid and to meet the growing demand for
electricity transmission through reinforcement of transmission lines
necessary for power supply to Islamabad Capital Territory and
surrounding areas, thereby contributing to the improvement of
economic infrastructure of Pakistan.
ECC also considered and approved the draft standard Power
Purchase Agreement (PPA), proposed by the Ministry of Water and
Power, which will be used as standard template for future PPAs.
The draft PPA is a tripartite agreement between Central Power
Purchasing Agency, Guarantee Ltd (CPPA) on behalf of ex-WAPDA
Distribution Companies, National Transmission and Despatch Company
Limited (NTDCL) and the Power Producers.
ECC approved the proposal of Ministry of Water and Power for
government guarantee for repayment of loan amount of US$ 140
million, i.e. 40 per cent of US $350 million loan amount for the
Dasu Hydropower Project.
The World Bank will provide guarantee for the remaining US$
210 million loan amount.
ECC also approved the request of the Ministry of Industries
and Production to reduce the price of imported Urea fertilizer lying
with National Fertilizer Marketing Limited (NFML) to Rs. 1,000/- per
50 kg bag in the interest of the public for disposal during kharif
2017.