Lahore's CBD to generate Rs1,300 bln during its first phase: PM Imran Khan

LAHORE: Prime Minister Imran Khan has laid the foundation stone of Central Business District (CBD) in Lahore and said that the project will generate Rs1,300 billion in its first phase, ARY News reported on Friday.

PM Imran Khan, while addressing a ceremony in Lahore today, said that the CBD project will generate income up to Rs1,300 billion during its first phase. He said that de-notifying of Walton airport will turn the adjacent areas into an economic hub.

While addressing the event, PM Imran Khan said that it is necessary to plan construction of high-rise building in order to stop the expansion of Lahore city. It would be difficult to manage the cities like Lahore, Karachi and Islamabad if we failed to stop its expansion, said PM Khan.

The premier said that a new agreement has been finalised for Liquefied Natural Gas (LNG) with Qatar earlier today which would save $300 million annually of Pakistan’s exchequer. He said that Pakistan is facing two major issues

He criticised past governments for putting a huge burden of financial debt on the country which led the present government to acquire an external loan. He said that the external loan resulted in the devaluation of the rupee and an increase in inflation. The premier said that reducing the expenses and increasing income is the solution to get rid of the issues in order to return the loans.

PM Khan said that the CBD project will generate income up to Rs1,300 billion during its first phase. He added that de-notifying of Walton airport will turn the adjacent areas into an economic hub. The commercial activities will rise up to Rs6,000 billion after de-notifying the airport.

He said that Lahore citizens are facing two major issues including a shortage of safe drinking water and a sewerage system.

The Ravi Riverfront Urban Development project will also benefit the country.

“I consider myself the greatest environmentalist in the history of Pakistan. I had visited rest houses Changa Manga, Chichawatni and Dunyapur during my childhood. All forests have vanished now and the land was seized. From now on, no tree will be cut down in Lahore. If it is necessary, we will change its location.”

“Overseas Pakistanis are our biggest asset. They usually invest in housing societies of Pakistan and overseas Pakistanis are having more interests in the Ravi Riverfront and Walton projects.”

“For the first time in the history of Pakistan, houses are being constructed for salaried and labourers. We have collaborated with banks for Naya Pakistan Housing Programme. The project is now ready to be launched.”

Punjab Chief Minister Usman Buzdar also addressed the ceremony and said that Pakistan Tehreek-e-Insaf (PTI) government is going to achieve another milestone by laying the foundation of the Green Central Business District in Lahore.

He said that the mega project will be constructed in three phases on a 300-acre land and it will be designed in accordance with the PM’s vision for environmental protection.

The provincial government will pay special attention to the plantation in the project by establishing parks, green areas, health clubs and administrative building.

While elaborating the progress of other development projects, CM Buzdar said that the Lal Shehbaz Qalandar underpass has been completed to improve the traffic flow in the city, whereas, an overhead bridge will be constructed from Lahore Railway Station to Sheranwala.

Lahore’s Children Hospital has been given the status of the University of Child Health. Moreover, a memorandum of understanding (MoU) was signed between the Punjab government and Lahore Development Authority (LDA) to construct 4,000 flats for the low-income segment.

The Punjab government will also run electric buses in Lahore soon, announced CM Usman Buzdar.

The Punjab government had earlier initiated the commercial, retail and residential zoning of the Central Business District and relocation of Lahore’s Walton Airport projects.

The establishment of the Lahore Central Business District (CBD) Development Authority under the chairmanship of Chief Minister Usman Buzdar had been approved in January to boost commercialisation activities.