ISLAMABAD, Mar 25 (APP): The Economic Coordination Committee (ECC) of the cabinet here on Tuesday approved changes to the Reko-Diq Project’s development plan and related financial commitments and project finance considerations.
According to press release issued by finance division, the ECC meeting was virtually chaired from China by Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb.
Among others, it was attended by Minister for Petroleum, Ali Parvez Malik; Minister for Commerce, Jam Kamal Khan; Minister for Board of Investment, Qaiser Ahmed Sheikh; Chairman of SECP, federal secretaries, and senior officials from relevant ministries and divisions.
According Petroleum Division had submitted a summary regarding the Reko-Diq Project and changes in its overall development plan and related financial commitments and project finance considerations due to inflation and enhanced scope of the project concerning capacity, energy mix, alternative water supply options and updated processing plants and machinery.
The ECC noted the factors leading to the project escalations, and approved the proposals contained in the summary with the directions to the Ministries of Petroleum & Finance to continue close coordination with a view to ensuring timely implementation of all agreed actions.
The ECC assured full support for the Reko-Diq Project, calling it a project of immense national importance, the press release added.
The ECC also considered and approved a summary presented by the Ministry of Interprovincial Coordination for a technical supplementary grant amounting to Rs 200 million under the development grant of IPC Division for the construction of PSB Coaching Centre at Skardu.
The ECC, however, urged the Ministry of Interprovincial Coordination to ensure that after its construction, the training facility remains operational and serves the desired purpose in terms of providing sports facilities to local population and serving as a high-altitude training facility for athletes competing at the national and international level.