ISLAMABAD, Mar 16 (Alliance News):The Executive Committee of the National Economic Council (ECNEC) approved on Wednesday the development, operation and maintenance of Karachi Circular Railway (KCR) as a modern Urban Railway under Public Private Partnership mode at a total cost of Rs. 201,572 million.
The project envisages construction of a 43.225 km dual track urban mass transit system to be built in a period of 3 years. Karachi Circular Railways Management Company (KCRMC) will be responsible to keep an oversight related to the execution, operation and maintenance of the project.
The meeting also formed a committee under the Chairmanship of presided over by Minister for Finance Shaukat Tarin to review the transaction structure related to Federal Government Viability Gap Fund (VGF) contribution.
The meeting of the ECNEC was presided over by Federal Minister for Finance and Revenue Shaukat Tarin.
Federal Minister for Energy Hammad Azhar, Minister for Irrigation Department Punjab Muhammad Mohsin Leghari, Deputy Chairman Planning Commission, Federal Secretaries and other senior officers from Federal as well as provincial governments participated in the meeting.
Ministry of Planning, Development and Special Initiatives submitted another summary regarding revised standardize pay packages for the staff directly recruited under development projects. The ECNEC after due deliberation approved to enhance the Project Pay Scale (PPS) at rate of 75%.
The ECNEC after discussion approved a summary presented by Ministry of Planning, Development and Special Initiatives regarding appropriate allocation of total budget outlay in PSDP projects for running effective media campaign to create awareness about Federal Government’s policies, projects and initiatives aimed at socio-economic development and welfare of the people.
Ministry of Planning, Development and Special Initiatives submitted a summary on Rural Economic Transformation Project (RETP-KP).
The project aims at improving income of rural households through multi-sectoral interventions in agribusiness development and employment promotion.
It will be implemented throughout the Khyber Pakhtunkhwa province (35 districts) to contribute to poverty reduction and food & nutrition security of rural communities.
The ECNEC approved the project at a cost of Rs. 30,265.75 million including IFAD loan of Rs. 17,565.75 million, the provincial government share of Rs. 4,712 million and beneficiaries share of Rs. 7,988 million with a project gestation period of seven years ( 2022-2029).
Ministry of Planning, Development and Special Initiatives submitted a summary on recommendations after holding meetings with representatives of governments of Sindh and Punjab on Greater Thal Canal Project (Phase-II).
The project was approved in principle by the ECNEC on 22-12-2021 at a cost of Rs. 38,372.225 million. The ECNEC after detailed discussion approved the project on the basis of first four recommendations.