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Government to execute $3.8 billion Karachi Coastal Comprehensive Zone on fast track basis

admin-augaf by admin-augaf
April 27, 2022
in Business, Finance
Reading Time: 2 mins read
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Government to execute $3.8 billion Karachi Coastal Comprehensive Zone on fast track basis
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Islamabad April 27 2022: Federal Minister Syed Faisal Ali Subzwari held a meeting with General Manager to China Road and Bridge Corporation (CRBC) Pakistan, Mr. Lyu Ming to discuss USD 3.8 Billion development project under Karachi Coastal Comprehensive Zone (KCCDZ).

The CRBC elaborated the operation and significance of the project to the Minister and discussed the policy demands from the government of Pakistan.

Minister Faisal Subzwari showed his great interest over the project’s significance that would uplift the lifestyle of people of Karachi and would generate numerous employment opportunities.

Furthermore, CRBC showed its concern over the delayed response for the past three years that is hampering the implementation of the project. The Minister assured the CRBC delegation full assistance from the Ministry and undertook that he will take this case at the earliest to all the stakeholders including Prime Minister of Pakistan, Chief Minister Sindh, Chairman Karachi Port Trust (KPT) and promised to expedite the process in the fastest pace.

The plan includes to rebuild Karachi’s coastline under the China-Pakistan Economic Corri­dor (CPEC) with $3.8 billion “direct Chinese investment” that aims to overhaul city’s seaboard with new berths for the port, a new fishery port and a ‘majestic harbour bridge’ connecting it with Manora islands and Sandspit beach.

The Karachi Coastal Co­m­prehensive Develop­ment Zone (KCCDZ) — spread over 640 hectares or 1,581 acres on the western backwaters marsh land of the Karachi Port Trust (KPT) leading to revamp one of the oldest city slums Machhar Colony relocating its more than half a million population — is an initiative of the Ministry of Maritime Affairs.

Minister Subzwari showed gratitude to the CRBC for the visit and informed them to meet again after the discussion with all the stakeholders involved is finalized. “MoMa will not lose a single day, we will do everything that is required immediately”, Minister Faisal Subzwari The meeting was attended by the Additional Secretary Maritime Affairs, Joint Secretary Maritime Affairs and Senior Officials of the Ministry and CRBC.

Tags: CRBC
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