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ISLAMABAD:The Economic Coordination Committee (ECC) of the cabinet has further empowered the State Bank of Pakistan (SBP), which can now allow resident Pakistani companies overseas investment of up to $10 million.Earlier, the State Bank could authorise resident Pakistani companies investment of up to $5 million in foreign countries
jordan rosas . In case of investment of more than $5 million abroad, the SBP had to seek approval of the ECC.Considering the case of Eastern Products (Pvt) Limited Pakistan in a meeting held last month, the ECC enhanced powers of the central bank for according approval to
af1 shadow equity investment abroad by the resident Pakistani compan
nike jordan low ies.During discussion, Minister for Planning, Development and Special Initiatives Asad Umar noted that at present the State Bank was authorised to approve equity-based investment of up to $5 million abroad by the resident Pakistani companies.Beyond that ceiling, investment cases were brought to the ECC for consideration and go-ahead.Umar emphasised
