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ISLAMABAD: The Board of Public-Private Partnership Authority (P3A) considered approval of the Public-Private Partnership (PPP) Agreement for the construction of Sialkot-Kharian Motorway project at the cost of Rs27 billion on a PPP basis.

The 16th Board of Directors’ meeting of P3A was held on Friday, here in Islamabad under the chairmanship of Asad Umar, Minister for Planning, Development, and Special Initiatives (MoPD&SI).

Deputy Chairman Planning Commission, Secretary Ministry of Planning, Development and Special Initiatives, the nominee of secretary Finance Division, Secretary Communications, Member Private Sector Development, Chairman NHA, and two private members of the Board also attended the meeting.

The project envisages the construction of a 69km green-field 4-lane toll road on a Build-Operate-Transfer (BOT) basis, at a cost of Rs27.8 billion.

The project is expected to be constructed in a period of 24 months following the achievement of the Financial Close.

The concession period of the project is 25 years, including the construction period.

The Government of Pakistan is supporting the financial viability and bank ability of the project through the provision of capital and operational Viability Gap Funding (VGF) totaling Rs10.94 billion.

The project is expected to supplement the existing Lahore-Sialkot and future Kharian-Rawalpindi Motorway to take the motorway network up to the city of Rawalpindi.

Earlier, the Board had approved transaction structure and bidding documentation package of the project and successful bidder’s proposal in its meetings held in March 2021 and June 2021 respectively.

The Board approved the PPP Agreement of the project for its execution between the National Highways Authority and the consortium of Frontier Works Organisation and Sultan Mehmood & Co.

Besides, aforesaid agenda item, Malik Ahmad Khan, CEO P3A sought approval of the board to consider ratification of the earlier decisions taken by the board’s Executive Committee and the decisions taken through circulation. The board also approved the revised budget estimates of the P3A for the ongoing financial year.

Copyright Business Recorder, 2021

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