Ministry proposes 55 new projects

ISLAMABAD: Ministry of industries and production has proposed 55 new projects for funding under public sector development programme (PSDP) 2018-19 in order to develop and promote the national industrial sector of the country, an official said on Wednesday.

“The ministry has proposed an allocation of Rs 8329.637 million for the development of these projects in next year PSDP as against the Rs 2,737.27 million allocated last year,” an official with the ministry told Associated Press of Pakistan (APP).

The functionary said the new projects would help reduce unemployment and poverty by creating new jobs, promoting skill development, providing training facilities and common machinery pools, and transferring of technology.

“By December 31, the government had released Rs293.230 million for 13 ongoing projects under the PSDP 2017-18, out of which an amount of Rs234.75 million had been utilised so far,” the official said.

The official added that the ministry has proposed three projects for industries and commerce department of Balochistan, three projects of technology upgrade and skill development company, and one project for Lesbela industrial development authority.

“Five projects relating to small and medium enterprises development authority and one project of export processing zone has also been proposed for financing in next year’s development programme,” the official said.