ECC grants Rs 7bn loan for Jacobabad airbase upgrade
ISLAMABAD: The Economic Coordination Committee (ECC) guaranteed on Tuesday to provide Rs 7 billion in loans to convert the Shahbaz Airbase in Jacobabad from a forward-operating base to a main-operating base.
A forward-operating base is only activated at times of war, while a main-operating base is fully operational in all states of combat readiness. Chaired by Federal Privatisation Minister Syed Naveed Qamar, the ECC meeting at the Prime Minister’s Secretariat granted ex-post facto approval for a government of Pakistan Guarantee and Term Finance Agreement for a loan of Rs 1 billion from the Allied Bank Limited for the base conversion.
The meeting also approved another government of Pakistan guarantee for Rs 6 billion during its discussion into the acquisition of a bank loan for the base conversion. It also approved the term finance agreement for the same amount that had already been signed by the Finance Division for the upgradation of the base.
The ECC also approved several other initiatives during the meeting, including the extension by one year of a Rs 3 billion government guarantee for the Karachi Electric Supply Company financial improvement plan.