The Economic Coordination Committee of the Cabinet (ECC) on Friday has allowed National Bank of Pakistan (NBP) to invest Rs. 6.5 billion in its Bangladesh’s branch to resolve capital shortfall.
The meeting was chaired 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.
ECC has also been decided that Hubco Narowal Power Plant, will be given exemption from tax on profits/gains after its demerger. The ECC decided that 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.
