Development Projects worth PKR. 261 bn. approved by ECNEC

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ISLAMABAD: The Executive Committee of the National Economic Council (Ecnec) on Monday approved six development projects worth Rs216.4 billion, including a significant increase of 47% in the cost of Tarbela 4th Extension Project. The Ecnec meeting was presided over by Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh. Majority of the projects approved by the committee were related to the World Bank funding.

The meeting approved the Tarbela 4th Extension Hydropower Project with a cost of Rs122.9bn, according to an official statement.

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It is reported that the original cost of Rs83.6bn has seen an increase of more than 47% to Rs123bn. The hike in cost has been mainly due to the depreciation of the rupee and delayed completion.

The Ecnec also approved the Southern Punjab Poverty Alleviation Project (SPPAP) funded by the International Fund for Agricultural Development (IFAD) and the project has been allotted a sum of Rs15.52bn, with Rs7.5bn as the foreign exchange component.

‘Higher Education Development in Pakistan’ (HEDP) Islamabad was also approved in the meeting and has been allotted a sum of Rs12.08bn. World Bank financing would provide FEC (foreign exchange component) of Rs7.72bn for the project.

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The Ecnec also approved Pakistan Multi-Mission Communication Satellite System (PakSat-MMI) Project with a cost of Rs39.7bn.

The meeting also saw to the approval of the Renewable Energy Development Sector Investment Programme at a total cost of Rs12.8bn, with Rs8.84bn as FEC.

The ‘Evacuation of Power from Wind power projects at Jhimpir and Gharo Wind Clusters’ project was also approved with a revised cost of Rs13.40bn. The project will be completed by the National Transmission and Despatch Company (NTDC). The meeting also brought up a report of a committee created by Ecnec in July 2019 for the calculation of tariff for public sector power projects and approved its recommendations.