Islamabad: According to news reports, Prime Minister Imran Khan has asked the Khyber Pakhtunkhwa (KP) government to take over the New Balakot City project and develop it as a tourist destination. The project was previously managed by the Earthquake Reconstruction and Rehabilitation Authority (ERRA).
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The premier made the decision while presiding over a meeting on the construction of New Balakot City, which is intended to become a new tourist resort in the hilly area. PM Khan noted that reputable private investors are being brought on board under the public-private partnership financing model to promote tourism and construct new tourist resorts.
In this context, he directed federal and provincial administrations to provide maximum investor convenience.
In addition, PM Khan directed that irrigated land be excluded from the project in order to ensure food security. He had previously been informed that a feasibility study on a PKR 19.5 billion project for the development of New Balakot City as a tourism destination had been completed. National Engineering Services Pakistan and KPMG collaborated on the study.
According to the authorities, 63 percent of the residential plots under 6,753 in the proposed project are set aside for local residents. To raise funds for project implementation, the remaining 2,480 residential plots, 800 apartments, and 575 commercial plots will be auctioned.