In 2008, the UK and Pakistan government signed a Memorandum of Understanding (MoU) through FCDO, under which a grant of GBP 28 million or PKR 4 billion (as per the prevailing exchange rate during 2008) was provided to Pakistan through tranches, in order to enhance the access of financing to SMEs.
The Commerce Ministry has decided to set the target of value added and textiles at $20.865 billion, of which $ 16.294 billion will be value added sector and $4.571 billion for textile sector by 2020-25.
However, the Economic Coordination Committee (ECC) has approved the Electric Vehicle Policy which will end the monopoly of car manufacturers in the country, he mentioned.
The ECC has approved in principle a USD 150 million grant for the purchase of the coronavirus vaccine, with the first phase to purchase the covid-19 vaccine for health workers and people over 65 years of age.
The ECC granted approval for the renewal of the contract with Tavanir Iran for the purchase of 104MW of electricity subject to vetting by the Ministry of Law and Justice.
Chairman PIA-IL in a letter on August 8, 2020 stated that the financial health of PIA-IL with existing proceeds repayment of $ 56 million to PIA-IL is not possible.
Minister for Industries and Production Hammad Azhar said that the ratification will facilitate the private sector imports, improve domestic stocks and stabilise prices.