Karachi: The Economic Coordination Committee of the Cabinet approved the draft Transaction Advisory Agreement for outsourcing of 3 airports in the country.
According to Express News, in the Economic Coordination Committee meeting of the Cabinet on Thursday, the ECC approved the draft Transaction Advisory Agreement (TASA) for the outsourcing of three airports. The ECC reviewed the Ministry of Aviation’s summary regarding the engagement of International Finance Corporation as transaction advisor for the outsourcing of three airports.
The participants were informed in the briefing that the outsourcing of three airports has been initiated under the Public Private Partnership Act, 2017 to allow private investors/airport operators to operate airports, develop land assets through a competitive and transparent process. and to increase opportunities for commercial activities while the International Finance Corporation, a subsidiary of the World Bank Group, has been qualified as a transaction advisor to achieve full revenue potential.
After detailed discussion, the ECC approved the draft Panio Ale Transaction Advisory Agreement with IFSE through PCCA for outsourcing of three airports.
Apart from this, the ECC has also approved after detailed consideration three summaries submitted by the Ministry of Energy in favor of M/s Mari Petroleum Company Limited (PMCL) on the commercial and field discoveries of Hilal and Iqbal. The development plan has been approved and the second two-year renewal on the Kerther Exploration License Block has been approved in favor of Polish Oil and Gas Company Limited from August 28, 2022, while M/s Mari Petroleum Company Limited (MPCL) has been granted an extension on the Ghazi Winki discovery. Well testing is permitted.
Apart from this, the ECC has also decided to provide technical supplementary grants to various ministries for the current financial year, under which the ECC has provided sixty grants to the Ministry of Energy (Power Division) for the implementation of development schemes in the province of Sindh. A supplementary grant of Rs 76 crore has been approved, while a technical supplementary grant of Rs 1 billion 68 crore ninety five lakh has been given to the Ministry of Housing and Works for the implementation of development schemes under the Sustainable Development Goals (SDGs) Achievement Program in Khyber Pakhtunkhwa and Sindh. has been approved while a technical supplementary grant of five billion rupees has also been approved for the Ministry of Housing and Works for the implementation of development schemes in the former FATA.
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