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ECC allows NBP to invest Rs.6.5bn in its Bangladesh branch

ISLAMABAD: The Economic Coordination Committee of the Cabinet (ECC) on Friday allowed National Bank of Pakistan (NBP) to invest Rs. 6.5 billion in its Bangladesh’s branch to resolve capital shortfall, ARY News reported.

The approval was given during ECC meeting held in Islamabad under the chair of Finance Minister Ishaq Dar. The decision was taken to fulfill minimum capital requirement.

According to details, the amount will be remitted in two tranches to NBP, Bangladesh till January 31, 2015.

During the meeting ECC also approved Ministry of Water and Power’s request for the exemption from tax on profits/gains to Hubco Power Company’s Hubco Narowal Power Plant after its demerger as a new wholly owned subsidiary wherein all assets and liabilities related to the Narowal plant will be transferred to the new company under sections 284-287 of the Companies’ ordinance 1984.

However, no decision was made regarding the elimination of imposed duty on potato export and giving subsidy over sugar export.

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