Why we should focus on Bill and Melinda Gates philanthropy, not divorce smartcompany.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from smartcompany.com.au Daily Mail and Mail on Sunday newspapers.
Finance Division Withdraws Decision to Sell Majority Stake in PCGC to UK
The Ministry of Finance has retracted its decision to sell 51 percent of its stake in the Pakistan Credit Guarantee Company (PCGC) to a UK-based firm.
The withdrawal comes in response to questions raised after the Economic Coordination Committee (ECC) had approved the conversion of the 12-year old endowment program into an equity holding.
The ECC had initially approved transactions for a majority share buyout through Karandaaz Pakistan, a loan-giving entity owned by the Bill Gates Melinda Foundation, and the Foreign Commonwealth and Development Office (FCDO) based in the UK.
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.