ISLAMABAD, April 6: The Ministry of Industries, Production and Special Initiatives has established a Development Working Party (DWP) for State Engineering Corporation (SEC), authorizing the corporation to sanction its own development schemes with 100 per cent self-financing without any government guarantee and involving less than 25 per cent foreign exchange/assistance. Sources said that a formal notification to this effect has been issued by ministry. The DWP, according to the notification, is headed by SECP chairman and comprises representatives from Planning & Development Division, Finance Division besides the ministry.
This forum has replaced the CDWP and all the developmental projects of the corporation and its units which do not have funding of the government of Pakistan or foreign assistance beyond 1/4th of the project cost will now be approved by this DWP.
The decision of the DWP will be subject to the endorsement of the Board of Directors of the corporation. However, in case of reservations of Planning & Development and or Finance Division on the project proposal or any aspect, the case would be referred to the CDWP for consideration.—APP
