Islamabad: The Executive Committee of the National Economic Council (ECNEC) on Wednesday approved a comprehensive package of development projects worth over Rs 1.2 trillion.
During the meeting chaired by Finance Minister Ishaq Dar, one of the major projects approved was the 48 MW Schinter Hydropower Project in the Neelum Valley, which was approved by the Azad Jammu and Kashmir (AJK) government.
The project, worth Rs 14.98 billion, will receive Rs 12.7369 billion (85 percent of the total cost) from the Saudi Fund for Development. The remaining 15 percent will be financed through the annual development plan of the Government of Azad Jammu and Kashmir.
Additionally, ECNEC approved the establishment of regional grids in Gilgit-Baltistan Phase-I in the districts of Astur, Gilgit, Hunza and Skardu, as proposed by the Ministry of Kashmir Affairs and GB. The estimated cost of the project is Rs 17.42 billion, which will include foreign funding of Rs 1.824 billion, which is subject to revision based on bidding, construction and engineering estimates by the Ministry of Planning.
The Finance Ministry also informed that the ECNEC has approved the revised plan for the 26 MW Shigarthing Hydropower Project in Skardu District at an estimated cost of Rs 18.37 billion. Additionally, foreign financing of Rs 4.461.03 billion has been secured for the project.
In a separate decision, ECNEC approved the Rs 69.40 billion Khyber Pakhtunkhwa Rural Outreach Project. The project, which aims to increase access to markets, education and health facilities in rural areas by rehabilitating a 768.4 km long rural road network, has received a total foreign aid of Rs 67.20 billion from the World Bank (WB). And will get loans.
The Department of Communications and Construction will monitor the implementation of the project in various districts of KP. While the government will fund most of the project, it will also be responsible for repaying the K-P debt.
During the meeting, Eknik also scrutinized the progress report submitted by the Planning Commission on the meetings held with the Punjab and Sindh governments regarding the Greater Thal Canal Project (Phase-II) in Leh, Bhakkar and Khushab districts.
