items.
The meeting also approved an amount of Rs96 million for the payment of three months’ salary to the employees of Pakistan Machine Tools Factory (PMTF) Karachi. The forum also gave consent for the provision of another 40,000 metric tons of wheat to the United Nations World Food Programme for the temporarily displaced persons of North Waziristan Agency and KP.
The committee approved the proposal submitted by the ministry of national food security and research for providing commodity finance for public sector procurement of wheat for 2014-15. The financial requirements for this year’s procurement will be around Rs222 billion and it is expected that the four provinces and PASSCO will procure around 6.6 million tons of wheat.
On a proposal from the ministry of water and power the ECC approved the standardized project agreements for solar energy based projects under the policy for development of renewable energy for power generation. Accordingly AEDB was authorised to make any project-specific amendments in these standardized project agreements for solar power projects as required during negotiations that do not increase GoP obligations or liabilities beyond those stipulated in the said project agreements.
It may be mentioned that GoP policy for developing renewable energy for power generation (2006) provides for standard agreements for grid-connected renewable energy IPPs. These standardized agreements include the Implementation Agreement (IA) and the Energy Purchase Agreement (EPA) which provide the legal and contractual framework for the design, financing, engineering, procurement, construction, commissioning, operation and maintenance of power projects based on solar energy.
Similarly ECC on another proposal from the ministry of water and power, accorded approval for standardized security documents for coal power projects under the Policy for Power Generation Projects 2015. Simultaneously, the ECC approved supplemental agreement with the provision that the revolving account (equal to 22% of monthly invoicing) for the CPEC Power Projects be opened and maintained by the power purchaser for which the ministry of finance would provide the guarantee to fund such revolving account in case the power purchaser failed to place or maintain the required funds in such account. Further, as requested in the proposal, the ECC authorised the board of PPIB to make and approve project-specific amendments in the standardized coal security package documents required during negotiations provided GOP obligations or liabilities were not adversely affected.