The National Accountability Bureau (NAB) on Thursday announced that it was not investigating renewed IPP agreements by the incumbent government.

The announcement from the accountability watchdog came after a government team involved in the IPP agreements met with Chairman NAB Justice (Retd) Javed Iqbal today.

A NAB handout detailing the entire meeting said that the government team apprised the chairman regarding the renewed agreements with 47 independent power producers (IPPs). The team apprised that the agreements will help in return of Rs55 billion of an additional amount from the IPPs.

“The idea for negotiations with the IPPs was floated by the NAB,” said the handout adding that they had pointed out the weaknesses in the agreements finalized by the previous government.

The chairman lauded the role of the government team and said that the upgradation of agreements with the power producers would also help in saving Rs836 billion from the national exchequer.