Construction projects in Punjab, KPK to generate Rs1.1 trn economic activity; PM told

0
98

ISLAMABAD, Nov 20 (APP):Prime Minister Imran Khan Friday was told that Punjab and KPK governments had received applications for approval of construction projects over 50 million square feet area which would generate an economic activity of around Rs 1100 billion.

During the weekly meeting of National Coordination Committee on Housing, Construction and Development, Punjab chief secretary said that from across the province, they had received applications for construction projects over 44 million square feet of which approval for 20 mln sq ft had already been granted.

Special assistants to the Prime Minister Malik Amin Aslam and Shahbaz Gill, Advisor Dr Ishrat Hussain, federal and provincial secretaries and senior officers attended the meeting, a PM Office press release said.

The Punjab chief secretary told the meeting that with the enhancement of construction activity, the consumption of all allied materials like cement, bricks and steel had also increased.

Following the construction on 44 mln sq ft area, an economic activity worth Rs 1 trillion (Rs 1000 billion) would generate, he added.

Similarly, Khyber Pakhtunkhwa chief secretary said they had received requests for construction projects over six mln sq ft area which would beget economic activity of around Rs 100 billion.

The prime minister viewed that the acceleration of the construction activity would improve national economy besides providing employment opportunities to the people.

He also directed the Punjab government to approve the received applications without any delay, following the prescribed rules.

Besides, emphasizing the awareness on Naya Pakistan Housing Scheme, the prime minister instructed Pakistan Telecommunication and NEPRA to coordinate with the State Bank of Pakistan to resolve the issues confronting the construction industry.

State Bank Governor Raza Baqir told the meeting that the banks were fully facilitating the loaning process for construction of houses under Naya Pakistan Housing Scheme. Moreover, special desks had been set up at around half of the bank branches in each district across the country.

A representative of Bank Al Habib informed the meeting that they had so far approved loan worth Rs 6 billion for the construction industry.