ECC approves Rs110 bn as financing facility for four projects

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet under the chairmanship of Finance Minister Ishaq Dar on Tuesday accorded approval for issuance of fresh sovereign guarantees in terms of short term financing facilities for four projects worth Rs110 billion for Power Holding Company.

Finance Minister Senator Mohammad Ishaq Dar chaired meeting of the Economic Coordination Committee of the Cabinet at PM’s Office. The ECC approved issuance of sovereign guarantees by Ministry of Finance in respect of Fresh Syndicated Term Finance Facilities for four projects of Rs30.95 billion, Rs40 billion, Rs25 billion, Rs15 billion for Power Holding (Private) Limited to set off / adjust existing facilities.

The ECC also approved another proposal to extend Tenor and Grace Period in respect of Term Finance Facility of Rs82 billion for Power Holding (Private) Limited. ECC accorded approval of Standard Implementation Agreement under Policy Framework for Private Sector Transmission Line Projects 2015 and Project Specific Transmission Services Agreement.