Finance minister forms Coordination committee to expedite M-9 project

ISLAMABAD: Federal Minister for Finance and Economic Affairs, Dr. Abdul Hafeez Shaikh on Tuesday 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. He was chairing a meeting held here on Tuesday During the meeting 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 Deputy Chairman Planning Commission as a Chairman, and representatives from the concerned ministries and departments, is needed which has its own constitution and legal entity.

This board will focus on to assist executing agencies (EAS) to implement rules, regulation, policies and procedures for Public Private Partnership (PPP) arrangements, keeping in view laws and regulations defined by procurement regulators (PPRA) and international standards.The board will facilitate EAS for underdevelopment projects to ensure timely execution and completion and also coordinate among different ministries and departments to ensure fast track development and management of projects under Public Private Partnership (PPP) arrangements.

The Board will also coordinate with banks and financial institutions to devise and implement strategies for minimizing time consumed in the arrangement of financing for the concessionaire.It will also 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) on the occasion said 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 comprise of Deputy 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. – Yahoonews