ECNEC approves funding for financial inclusion and infrastructure project

Meeting of the Executive Committee of the National Economic Council (ECNEC) was held at the Prime Minister’s Office on Wednesday. Finance Minister, Senator Mohammad Ishaq Dar, chaired the meeting.

After detailed deliberations, ECNEC accorded approval, in principle, to the Financial Inclusion and Infrastructure Project with IDA funding of US$ 137.00 million (Rs. 14,318.85 million). While according the approval, ECNEC directed that a committee headed by Secretary Planning and Development will rationalizethe cost and scope of the project. ECNEC noted that the objectives of this project are in line with the aims of the National Financial Inclusion Strategy, currently being implemented by the government, to achieve universal financial inclusion in the country.

ECNEC also approved the project for Lahore-Sialkot Motorway Link (4-lane) via Narang Mandi to Narowal at a cost of Rs.14,189.850 million, with the instruction that the implementation must be ensured in the given time period. The project aims at construction and dualization of 73.35 km of new and existing road to provide connection of Lahore-Sialkot motorway with Narang Mandi, Baddomalhi and Narowal.

After thorough discussions, ECNEC approved the project for the construction of Expressway on East Bay of Gwadar Port. The project will be financed through an interest free loan from the Government of China under the China Pakistan Economic Corridor (CPEC). The project envisages construction of 18.981 km 4-lane divided expressway with embankment for 6-lanes structures, integrating Gwadar port with the Makran Coastal Highway as well as with its Free Zone and future container terminals.