ECC approves draft Transaction Advisory Agreement.

ISLAMABAD -- The Economic Coordination Committee (ECC) of the Cabinet has approved the draft Transaction Advisory Agreement (TASA), reached with the International Finance Corporation (IFC), a part of the World Bank Group, for outsourcing of three airports of the country.

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet. The ECC considered a summary of Ministry of Aviation on engagement of International Finance Corporation as transaction advisor for the outsourcing of three airports. It was informed that outsourcing of three airports has been initiated within the scope of Public: Private Partnership Act: 2017 to engage private investor/airport operator through a competitive and transparent process to run the airports, develop appertaining land assets and enhance avenues for commercial activities and to garner full revenue potential. In this regard, International Finance Corporation (IFC), a part of the World Bank Group, has been qualified as a transaction advisor. The ECC after detailed discussion approved the draft Transaction Advisory Agreement (TASA), reached with the IFC by PCCA for outsourcing of three airports.

The ECC also considered and approved following summaries submitted by Ministry of Energy (Petroleum Division); i. Approved Declaration of Commerciality and Field Development Plan over Hilal and Iqbal discoveries in favour of M/s Mari Petroleum Company Limited (MPCL). ii. Granted second two years' renewal over Kirthar exploration license block in favour of Polish Oil and Gas Company Limited (POGC) w.e.f 28: 08: 2022...