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ECC approves 51% stake sale in state company to UK Govt to convert a 12-year-old grant into equity in a questionable deal ISLAMABAD: A cabinet body has approved to sell majority stake in a government-owned company to the United Kingdom through its controlled entity by converting a 12-year-old “grant” into equity in a legally questionable manner and despite strong opposition from the Ministry of Finance. The Economic Coordination Committee of the Cabinet on Thursday approved to sell 51% stakes in the Pakistan Credit Guarantee Company (PCGC) to Karandaaz Pakistan. The UK’s Department for International Development and Bill Gates Melinda Foundation own the Karandaaz – an entity that is set up to give small loans.

Bahria townUnited statesUnited kingdomDiamer bhashaImran khanEconomic affairs divisionCrown agents bankMinistry of maritime affairsSupreme court rsPower development authority wapdaPakistan credit guarantee companySupreme courtUnited kingdom department for international developmentRural enterprisesMinistry of planningExchange commission of pakistan