The government will purchase 1,000 acres of land for Rs 9.665 billion in order to establish the Islamabad Model Special Economic Zone.
The government will also spend Rs. 500 million on a feasibility study for the Islamabad Model Special Economic Zone.
The government has identified private land near Rawat Industrial Estate for the purpose within the vicinity of Islamabad Capital Territory, according to the documents, but other options for acquiring land outside the ICT area are also being considered.
There are some legal impediments to acquiring land outside of ICT territory, according to a source, and the government is working to remove those bottlenecks.
The land acquisition project for the Islamabad Model Special Economic Zone will take two years to complete.
According to the plan, the Federal government will provide land for the zone’s establishment, and it will be developed through a Public Private Partnership (PPP).
The feasibility study for the project will be completed within 12 to 15 months, according to the document.
According to the documents, it has been decided to allow the establishment of smart industrial units in the Economic Zone. Official documents available to the scribe reveal a model Special Economic Zone.
Thanks to recent legislation in the legislature, the federal capital will soon be free of private interest-based money lending.
The Islamabad Capital Territory Prohibition of Interest on Private Loans Bill, 2019, was passed by Parliament’s joint session on Tuesday and will become an Act of Parliament once President Dr. Arif Alvi signs it.
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