Lahore: The Economic Coordination Committee (ECC) on Wednesday allowed the Asian Development Bank (ADB) to issue Pakistan Rupee Linked Bonds to international investors, a news source reported. To this effect, ECC has asked ADB to complete all codal formalities before issuing the bonds.
Advisor to the Prime Minister (PM) on Finance Dr Abdul Hafeez Shaikh chaired the ECC meeting. The meeting revealed that as per recommendations of the State Bank of Pakistan (SBP), the programme for issuing Pakistan Rupee Linked Bonds would be limited to USD 200 million. The local currency proceeds from these bonds would help finance long-term infrastructure and energy projects in Pakistan.
During the meeting, ECC also approved equity investment abroad worth SAR 22.5 million by Eastern Products Limited. Additionally, the committee gave its approval for increasing the limit for investment abroad (subject to approval from SBP) from USD 5 million to USD 10 million. Beyond this amount, investors will have to seek ECC permission.
ECC also approved five different types of projects in North West Industrial Zones and South West Industrial Zone by the Port Qasim Authority (PQA). These projects would be developed with the concerned authorities’ own funds, along with meeting all codal formalities before their completion.
