Islamabad: The Central Development Working Party (CDWP) on Thursday has reviewed the project of Information Technology (IT) Park in Karachi – to be established at a cost of PKR 31.2 billion – and has sought its approval from the Executive Committee of the National Economic Council (ECNEC), according to news sources.
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Reportedly, the CDWP held a meeting and cleared three development project with an accumulated worth of PKR 55.5 billion. The meeting was presided over by Deputy Chairman of Planning and Commission Mohammad Jehanzab Khan and approved PKR 3.4 billion for the establishment of a cancer hospital in Muzaffarabad, Azad Jammu & Kashmir and recommend two other projects (including the IT park) for approval by the ECNEC.
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The IT Park in Karachi will be developed and run by Pakistan Software Export Board (PSEB). It is envisaged to be an 11-storey structure located near Jinnah International Airport in Karachi. The said IT Park is funded 85% by the Korean Economic Development Cooperation Fund (EDCF) with a USD 158.5 million loans and the remaining 15% by the Public Sector Development Programme (PSDP).
The CDWP meeting was informed that about 210 IT companies with 8,400 employees will be accommodated in the project. The timeline for project completion is communicated to be six years.
The said cancer hospital will be developed and operated by Pakistan Atomic Energy Commission (PAEC). Additionally, the meeting also referred to a PKR 20.6 billion worth of public health sector project of the government of Sindh for ECNEC’s approval.