ISLAMABAD - The Executive Committee of the National Economic Council (ECNEC) is scheduled to meet Thursday (tomorrow) under the chair of Finance Minister Dr Abdul Hafeez Shaikh to approve funding for 35 projects worth more than Rs 300 billion.
Official sources informed The Nation on Tuesday that ECNEC would take up approval process of 35 projects worth over Rs 300 billion on Thursday (August 16). The meeting is likely to approve major projects like Tarbela-4 extension hydro power project and Karachi circular railway project. Meanwhile, the ECNEC would also take up eight energy projects, one agriculture project, two housing and physical planning projects, one education project, one industry, 10 transport and communication projects and 12 water sector projects on Thursday.
The ECNEC is most likely to approve the much-awaited Karachi circular railway project worth Rs 140 billion in the meeting. According to the reports, total cost of the project is around $1.558 billion wherein 93.5 per cent funding would be provided by Japan International Cooperation Agency (JICA), while the remaining would be arranged by the Sindh government.
Similarly, the ECNEC is likely to approve the Tarbela 4 Extension Hydropower Project PC-1 for which an allocation of Rs 83.6 billion is expected to be approved. This project would be completed with the World Bank’s assistance worth $840 million for the fourth project for Tarbela Dam’s extension. The financing will include $400 million from the International Development Association, an affiliate of the World Bank, and the total cost of the project has been estimated at $914 million.
Meanwhile, other main project in the water sector is Nai Ganj Dam to be constructed at Dadu District of Sindh province and an allocation of Rs 26.9 billion is expected to be approved for the project in the meeting. The meeting is also expected to take up projects in agriculture, housing and physical planning, education, industry, transport, communications and water sectors.