ECC greenlights purchase of $582mn capital shares in BRICS’s New Development Bank
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Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, chairing a meeting of the Economic Coordination Committee (ECC) of the Cabinet at the Finance Division, Islamabad, February 14, 2025. — APP
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ISLAMABAD: The Economic Coordination Committee (ECC) has highlighted the purchase of $ 582 million capital shares in the New Development Bank (NDB), which is $ 116 million as paid capital.
The finance divisions said, “The ECC approved Pakistan’s membership in a new development bank set by the BRICS member states. The committee confirmed the purchase of 5,882 capital shares in NDB, which costs 2 is 582 million, with $ 116 million. ” In a statement
Established in 2015 by BRICS countries, NDB is a multilateral development bank that aims to mobilize infrastructure and sustainable development projects in emerging markets and developing countries (EMDC).
Brazil, Russia, India, China, and South Africa’s major emerging economies group BRICS aim to accelerate its pressure to change the global order that it is seen as old.
Pakistan applied for membership of BRICS in November last year. “Pakistan, as a developing country and a passionate supporter of a comprehensive multilateral, believes that he can contribute to this grouping,” a spokesman for the FO said.
During today’s meeting, the ECC also approved the inclusion of an international joint trading company in Singapore, formed by the Pakistan State Oil (PSO) and the State Oil Company (CONG) of the Republic of Azerbaijan.
It instructed the Ministry of Petroleum to ensure that specific investment approval, especially equity injection, as well as the timeline of the company being operational.
In addition, it has included PCT/HS Codes for the newly notified items of Pakistan Standards and Quality Control Authority (PSQCA) in the Import Policy Order (IPO), 2022 I approved a proposal by the Ministry of Commerce.
The decision includes specific PVC and polymer -based products in the mandatory regulatory framework, which can ensure compliance with Pakistan’s standards.
In the name of President Pakistan, proposed by the Ministry of Energy (Power Division), the ECC also fixed the transfer of Disco shares, confirming that it would have no financial implications.
To ensure financial support for key measures, the ECC approved Rs 19.15 billion under the Finance Division, which approved for 133 PSDP schemes of the Finance Pakistan Public Works Department (PAK-PWD) under the Finance Division. The technical supplementary grant (TSGS) has been approved.
“The funds will now be transferred to the relevant ministries, divisions and provincial governments.”
The committee also approved a TSG of Rs 5.36 billion for the Ministry of Housing and Works for implementation of development schemes under the SDGS Achievement Program (SAP), which for Khyber Pakhtunkhwa for Sindh 4.25 Billion rupees and Rs 1.1.11 billion are allocated.
It approved Rs 1.914 billion in favor of NADRA for the FATA TDP-ARP (KPCCDSP) project, from which 43 citizens’ facility centers in Khyber Pakhtunkhwa (CFC) The transition was ensured. These allocated weapons have been surrendered by the Economic Affairs Division and recorded under the admission division, which has no additional financial burden on the government.
The ECC also approved Rs 500 million for the purchase of life -saving medicines and vaccines for the Ministry of National Health Services, Regulations and Coordination (NHSR & C), which in the future payments of the subject pension. With the instruction to devise a structural solution.
It approved Rs 84 million to replace the President’s Secretariat (Public) to replace the old government transport, making two Hano Coaster Money Buses and three Toyota House van as part of a phased alternative project Allowed.
