The City District Government Karachi (CDGK) has decided to launch 'land bank' to facilitate public-private investment in the city. The CDGK intends to establish the bank for the identification and provision of land for investment projects on public-private partnership basis.
"Previously, a number of the CDGK projects were either delayed or even shelved," EDO Enterprises and Investment Promotions (EIP) Dr Saif ur Rehman told Business Recorder on Monday. He said that they have issued letters to the respective authorities regarding the launch of the 'land bank'. The EDO said that the government demands lands which are free from all sorts of litigations to be utilised for investment purposes.
He said that though the current status of investment activities in the city was below par, yet the CDGK was striving hard to generate investment. He was optimistic that investment would increase in Karachi, backing on the fact that the city is the economic engine of the country, generating more than 60 percent revenue, and also has a huge human capital.
He informed that the CDGK had completed two projects, whereas 15 projects were in planning stage. The completed projects, he added, include a slaughter house called 'Abbotoir' established in 2007 at Landhi Cattle Colony. The project was completed with an investment of approximately Rs 115 million and it generates monthly revenue of Rs 0.9 million, whereas a concrete plant 'Safe-mix' has also been completed.