Finance Minster Forms a Coordination Committee to Expedite the M-9 Motorway Project
Islamabad: The Federal Minister for Finance and Economic Affairs Dr. Abdul Hafeez Shaikh while chairing here a meeting today formed a coordination committee to expedite the build-operate-transfer (BOT) projects and to attract the serious local and international parties for participating in these projects.
A brief strategy for the fast track execution of projects was put forwarded by Member (Implementation and Monitoring) of Planning Commission. In a presentation, Member (Implementation and Monitoring) Planning Commission proposed that an Implementation Board comprising Dy. Chairman Planning Commission as a Chairman, and representatives from the concerned ministries/departments, is needed which will has its own constitution and legal entity. This board will focus on:-
Assist Executing Agencies (EAs) to implement Rules, Regulation, Policies and Procedures for PPP arrangements, keeping in view laws and regulations defined by procurement regulators (PPRA) and International Standards.
Facilitate EAs for underdevelopment projects to ensure timely execution and completion.
Coordinate among different Ministries and Departments to ensure fast track development and management of Projects under PPP arrangements.
Coordinate with Banks and Financial Institutions to devise and implement strategies for minimizing time consumed in the arrangement of financing for the Concessionaire.
Provide a forum for finalization of Agreements between EAs and investors/Developers, under PPP arrangements, where implementation body will act neutral to provide a balance between interests of Public and Private Parties.
Chairman National Highway Authority (NHA) added that the said board will prove to be useful and it will assist NHA in many ways.
While concluding the meeting, the Finance Minister agreed to form a coordination committee which will work on the same lines as of proposed Implementation Board. The committee will be comprised of Dy. Chairman Planning Commission, Member (Implementation and Monitoring) of Planning Commission, Chairman NHA, Secretary Communication and Secretary Planning. This committee will especially focus on construction of mega project of Karachi-Hyderabad motorway M-9.
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