The Economic Coordination Committee (ECC) has approved the purchase of capital shares worth $582 million in the New Development Bank (NDB), with $116 million as paid-in capital.
“The ECC approved Pakistan’s membership in the New Development Bank, established by BRICS member countries. The committee endorsed the purchase of 5,882 capital shares in the NDB, amounting to $582 million, with $116 million as paid-in capital,” the Finance Division said in a statement.
Established in 2015 by BRICS countries (Brazil, Russia, India, China, and South Africa), the NDB is a multilateral development bank aimed at mobilizing resources for infrastructure and sustainable development projects in emerging markets and developing countries (EMDCs).
Pakistan had applied for BRICS membership in November last year. “As a developing country and an ardent supporter of inclusive multilateralism, Pakistan believes it can make important contributions to this grouping,” the Foreign Office spokesperson said.
Key Decisions by the ECC
The ECC also approved the incorporation of an International Joint Trading Company in Singapore, formed by Pakistan State Oil (PSO) and the State Oil Company of Azerbaijan Republic (SOCAR). The Ministry of Petroleum has been directed to ensure due diligence regarding investment approvals, particularly equity injections and the operationalization timeline.
Additionally, the ECC approved a proposal from the Ministry of Commerce to include PCT/HS codes for newly notified mandatory items of the Pakistan Standards and Quality Control Authority (PSQCA) in the Import Policy Order (IPO), 2022. This decision incorporates specific PVC and polymer-based products into the mandatory regulatory framework to ensure compliance with Pakistan Standards.
Financial Support and Grants
The ECC also approved the transfer of shares of Discos in the name of the President of Pakistan, as proposed by the Ministry of Energy (Power Division), subject to confirmation that it would have no financial implications.
Furthermore, ECC approved Technical Supplementary Grants (TSGs) for various developmental projects, including:
- Rs19.15 billion under the Finance Division for 133 PSDP schemes of the defunct Pakistan Public Works Department (Pak-PWD). The funds will now be transferred to the respective ministries, divisions, and provincial governments.
- Rs5.36 billion for the Ministry of Housing and Works to implement development schemes under the SDGs Achievement Programme (SAP), with Rs4.25 billion allocated for Sindh and Rs1.11 billion for Khyber Pakhtunkhwa.
- Rs1.914 billion for NADRA to facilitate the transition of 43 Citizen Facilitation Centers (CFCs) in Khyber Pakhtunkhwa under the FATA TDP-ERP (KP-CCDSP) Project. The Economic Affairs Division surrendered this allocation, and it was recorded under the Interior Division, ensuring no additional financial burden on the government.
- Rs500 million for the Ministry of National Health Services, Regulations & Coordination (NHSR&C) for the procurement of life-saving medicines and vaccines.
- Rs84 million for the President’s Secretariat (Public) to replace outdated official transport, allowing for the procurement of two Hino Coaster mini-buses and three Toyota Hiace vans.
These decisions reflect Pakistan’s commitment to strengthening its economy, enhancing public-private partnerships, and improving infrastructure and essential services.
