ECC approves issuance of $500mln Eurobonds for dams
Business December 25, 2020
ISLAMABAD: Economic Coordination Committee (ECC) of the cabinet on Thursday approved issuance of $500 million Eurobonds to finance construction of Diamer Basha and Mohmand dams and Karachi transformation plan.
Ministry of water resources presented a summary for issuance of the Water and Power Development Authority’s (Wapda) debut $500 million Eurobonds to arrange finances for Diamer Basha and Mohmand dams. Diamer-Basha dam is estimated to cost Rs442 billion, while Mohamand dam has an estimated cost of Rs310 billion. Construction contracts have already been awarded to two separate consortiums of Chinese and Pakistani firms.
Cabinet to mull SNGPL MD hiring
Petroleum Division has moved summary for consideration in Tuesday’s meeting
TRIBUNE CREATIVE
ISLAMABAD:
Sui Northern Gas Pipelines Limited (SNGPL) board of directors has turned down reports of intelligence agencies and has recommended the same candidates for appointment as head of the public utility.
Earlier, the Prime Minister’s Office had sought report of intelligence agencies on the credentials and financial integrity of existing SNGPL Acting Managing Director Amer Tufail and SNGPL General Manager Sohail Gulzar.
Negative reports had revealed issues of nepotism and financial integrity of these two officials respectively. The PM Office also asked the Petroleum Division in January this year to revisit the proposal and called for removing the current managing director from office. In a recent development, the Petroleum Division moved a summary to the cabinet for consideration in its meeting scheduled for Tuesday (today).