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ISLAMABAD: The government on Monday approved, in principle, the New Gwadar International Airport project at a cost of Rs55.4 billion, about 147% higher than the first revision, and also sanctioned a reduction in the scope of an important Gwadar road scheme. The decisions were taken by the Central Development Working Party (CDWP) - a body having the mandate to scrutinize and approve development schemes and refer the mega ones for final ratification of the Executive Committee of National Economic Council (Ecnec). Planning Commission Deputy Chairman Jehanzeb Khan chaired the CDWP meeting. The CDWP took up the New Gwadar International Airport project, which would be built with the help of Pakistan government funds and a Chinese grant of 1.52 billion yuan or Rs34 billion. The total cost of the project is Rs55.4 billion. The new Gwadar airport is considered important for the development of Gwadar Port and its free zone. The Ministry of Planning is now gradually taking back the control of the China-Pakistan Economic Corridor (CPEC) after the CPEC Authority law lapsed four months ago. The government has also brought back Hassan Dawood Butt to handle affairs in the next CPEC Joint Cooperation Committee (JCC) meeting. JCC is scheduled to meet this month and will take important decisions on the future roadmap of the multibillion-dollar strategic bilateral initiative. Butt had earlier been the deputy project director of the CPEC support project but moved to Khyber-Pakhtunkhwa Board of Investment. The original Gwadar airport project had been approved at a cost of Rs7.5 billion in 2010 and the revised one was cleared in 2015 at a cost of Rs22.2 billion. The CDWP approved the second revision on Monday with a cost of Rs55.4 billion, higher by Rs33 billion or 147% than the 2015 cost. A key reason behind the increase in cost was that the new plan was based on a detailed design of the project. The CDWP directed the Civil Aviation Authority (CAA) to review the possibility of c

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Officials in the US have now approved Huawei's license applications to purchase chips worth millions of dollars. Previously, Huawei was blacklisted in the US, citing security concerns, but now, the license was approved due to the rise in demand in the auto components business.

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The Cabinet Committee on Economic Affairs has approved the Minimum Support Price (MSP) for 2010-11 season for TD-5 Grade of Jute ex-Assam at Rs.1575 per quintal.

In a bid to consolidate its position as India's largest private lender, the board of ICICI Bank Sunday approved the merger of the Bank of Rajasthan with itself in a swap deal valued at Rs.3,000 crore ($650 million) without any cash outgo.

The Cabinet Committee on Economic Affairs (CCEA) has approved Rs.632 crore for the National Horticulture Board (NHB) to implement its existing schemes and promote 25,000 integrated commercial horticulture projects in the 11th plan period ending 2012.

The World Bank has approved an additional USD 292 million for two ongoing projects in Bangladesh to improve infrastructure and education in the country, the bank said on Wednesday.

Pakistan's National Economic Council (NEC) Friday approved a development budget of Rs.663 billion ($7.8 billion) for fiscal 2010-11 beginning July 1.

The Board of Approval (BOA) of the Special Economic Zones (SEZs) on Friday cleared seven proposals, including three projects in Andhra Pradesh.

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