Funding requests for six projects approved

The Executive Committee of Punjab Public-Private Partnership Authority approved the Project Development Facility (PDF) funding requests for development of six projects under the PPP mode at an estimated cost of Rs30billion.

The approved projects are: Multan Ring Road, Rehabilitation/Improvement of Kharian-Dinga Road, Dualisation of Gujranwala-Pasrur Road, Dualisation of Gujranwala-Hafizabad Road, Expo Centre at M-3 Industrial City Faisalabad and Parking Plaza at Jhika Gali, Murree.

The project development facility funding was approved in the seventh meeting of Executive Committee of Punjab PPP Authority. The projects will have connectivity for economic growth and the proposed road sector projects will strengthen and widen the existing structures, construct new pavements and bypasses, improve junctions and introduce road safety features, said Dr Salman Shah, adviser to Punjab chief minister on economic affairs and P&D.

While chairing the session, Dr Salman Shah emphasised that construction of multipurpose parking plaza near Murree GPO/Mall Road will help solve the issue of traffic congestion and Punjab government has also planned to develop similar kind of projects all over Punjab to meet the growing demands of parking needs.

In addition, considering the pivotal role in promoting exports and its location within the SEZ, the expo centre will be established on 50 acres piece of land at M-3 Industrial City, Faisalabad. The meeting also approved forecasted budget estimates of Punjab PPP Authority for two outer financial years along with approval of hiring against various positions for the newly-established Punjab PPP Authority. Dr Salman Shah concluded that keeping in view the fiscal constraints/scarce public funding; PPP is the way forward for rapid economic growth and development in the province to make a healthy contribution to the economic development.