ISLAMABAD: The Economic Coord­ination Committee (ECC) of the Cabinet on Friday approved Pakistan’s membership to the New Development Bank (NDB) set up by the BRICS nations and ordered the transfer of shares of all power distribution companies (Discos) to the President of Pakistan — a key condition of the lending agencies pending for three decades.

Presided over by Finance Minister Muhammad Aurangzeb, the ECC also approved more than Rs27 billion in supplementary grants, including those for parliamentarians in Sindh and Khyber Pakhtunkhwa and the setting up of a joint international trading company of Pakistan State Oil (PSO) and Azerbaijan’s SOCAR.

An official announcement said the ECC approved Pakistan’s membership to the NDB, which was established by BRICS member countries. The committee endorsed the purchase of 5,882 capital shares in the NDB, amounting to $582 million, with $116m as paid-in capital. The entire amount is payable in seven years.

Gives go-ahead to buy 5,882 capital shares in BRICS bank for $582m; approves Rs27bn in supplementary grants

Formerly the BRICS Development Bank, NDB was set up by founding members —........

© Dawn Business