ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has approved Rs6.61 billion as a Technical Supplementary Grant (TSG) for the Thar Coal Rail Connectivity Project, reinforcing the government’s commitment to strengthening energy infrastructure and reducing dependence on imported fuels.
The meeting, chaired by Federal Minister for Finance and Revenue Muhammad Aurangzeb, reviewed multiple proposals, including a summary from the Railways Division seeking budgetary cover for the strategic rail project. The Thar Coal Rail Connectivity Project aims to facilitate the transportation of indigenous coal from Thar to power plants and industrial consumers, enhancing energy security and optimizing utilization of local resources.
In addition, the ECC approved revised features of the “Mera Ghar Mera Aashiana (MGMA)” mortgage financing scheme for low-cost housing, following a summary submitted by the Ministry of Housing and Works. Since its launch, the scheme has received over 10,594 loan applications, with disbursements already underway.
Key revisions include increasing the loan ceiling to Rs10 million, expanding eligible housing size criteria, and introducing a uniform 5 percent end-user pricing. The scheme will continue to operate through the State Bank of Pakistan mechanism, with previously disbursed loans adjusted to the revised 5 percent rate to ensure uniformity. Housing finance targets will be scaled over a four-year horizon, with subsidy payments aligned to actual disbursements within annual fiscal allocations.
The revised framework aims to broaden access to affordable housing finance, stimulate construction activity, create employment opportunities, and promote sustainable home ownership through a balanced risk-sharing and mark-up subsidy model.
The ECC also approved a Rs7.289 million TSG for the ICT component of the “National Program for Enhancing Command Areas in Barani Areas of Pakistan,” submitted by the Ministry of Interior & Narcotics Control. The initiative seeks to strengthen agricultural productivity in rain-fed regions.
The meeting was attended by Federal Minister for Investment Qaiser Ahmed Sheikh, who joined virtually, along with federal secretaries and senior officials from relevant ministries and divisions.
Story by Tahir Amin
