ISLAMABAD: The Pak-China Investment Company Limited (PCICL), delegation met Finance Minister, Senator Mohammad Ishaq Dar here and presented him an update on fiscal performance of the company.
The delegation informed that at the end of December 2014, the total assets of the company were recorded as Rs 20.008 billion and the total liabilities stood at Rs 7.059 billion. The net profit was recorded at Rs 469 million.
Finance Minister Dar on this occasion was also presented a proposal about the appointment of new managing director.
The Minister thanked the delegation for the update on company’s fiscal profile. He said the proposal regarding appointment of the new MD would be accorded due consideration.
Pak-China Investment Company Ltd was established in July 2007 in pursuance of a joint venture agreement between Government of Pakistan and China. The board of directors of the company comprise three nominee directors from the Government of Pakistan and three from China.
The authorized share capital of the company is USD 200 million which is to be contributed equally by both sides. China Development Bank (CDB) and Ministry of Finance have paid three tranches totalling US $ 67 million each towards its equity during the years 2007, 2008 and 2009. The paid up capital of PCICL is Rs 9116 million.
Earlier, in another meeting the Finance Minsiter met Richard Montgomery Country Head of DFID Pakistan and discussed with him matters of mutual interest.
During the meeting matters relating to DFID funded project were discussed. There was also detailed discussion on expanding the outreach of Benazir Income Support Programme (BISP), which both sides agreed, being a very important social welfare programme, needed due focus.
Ishaq Dar informed Montgomery that budgetary allocation for the BISP would be enhanced in the coming budget which would enable the government to cover more beneficiaries and families under this scheme.
