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Government Clears Six Developmental Projects that are worth PKR 218.5 Billion

Real Estate News
28 Aug 2019
Government Clears Six Developmental Projects that are worth PKR 218.5 Billion

Government Clears Six Developmental Projects that are worth PKR 218.5 Billion

Islamabad: The Federal Government has cleared six more developmental projects that are worth PKR 218.5 billion which includes Karachi-based mass transit projects that are being funded by international creditors.

CDWP (Central Development Working Party) has approved two projects worth PKR 3.33 billion and has also recommended four schemes costing around PKR 215.2 billion to the ECNEC (Executive Committee of National Economic Council) for the approval as per the statement that was issued by the planning ministry.

CDWP has the mandate to approve up to PKR 3 billion schemes as well as projects costing more than that are later referred to ECNEC for the final endorsement. Jehanzeb Khan; the Deputy Chairman of Planning Commission and the CDWP has deferred approval for the six projects that includes two schemes of the Pakistan Atomic Energy Commission and one for the Gwadar project.

This project sanctioning authority took up nearly two mass transit schemes of Karachi for the second time in the past four months. It is also recommended that the Asian Development Bank (ADB) funded Bus Rapid Transit as well as Red Line to ECNEC for the approval at PKR 78.6 billion. The World Bank (WB) funded Karachi Urban Mobility project the Yellow Line that was conditionally referred to ECNEC for PKR 61.5 billion.

ECNEC will now take up the Red Line Project whereas the Yellow Line Scheme will be vetted by a planning ministry committee before sharing it with ECNEC. NEC (National Economic Council) will look into this matter.

PTI led government has also formed the National Development Council which is parallel to the National Economic Council. The cost of the Red Line Project is increased by 19.3% i.e. PKR 12.7 billion. Though last year the estimated cost was PKR 65.6 billion only.

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