The Executive committee of the National Economic Council (ECNEC) on Monday approved seven development projects worth Rs216.4 billion related to poverty mitigation, education, and hydropower projects.
The meeting of the ECNEC was chaired by the Adviser to the Prime Minister on Revenue and Finance Dr. Abdul Hafeez Shaikh. The ECNEC considered and approved seven projects put forth by Ministry of Planning, Development and Special Initiatives. ECNEC also permitted the Southern Punjab Poverty Alleviation Project (SPPAP)-IFAD assisted, Revised-III at the total cost of PKR15.52 billion with PKR 7.5 billion as the FEC.
The project is being financed by the Government of Punjab and the International Fund for Agricultural Development. This project aims to contribute to reduction of poverty in the Southern Punjab Region by refining the living standards of the people, boosting agricultural production and facility of basic rights such as water supply, irrigation, road access and sanitation to the local community.
As per ECNEC, the main cause of the revision in the cost of the project was the change in the exchange rate, however, the project is expected to be aims to be completed by the year 2023.