Rawalpindi: According to press reports, Pakistan’s Planning Commission approved the PKR 79 billion transaction structure for the Kharian-Rawalpindi Motorway project on Friday (October 15).
The Public-Private Partnership Authority (P3A) gave its permission at its 18th board of directors meeting, which was presided over by Planning Minister Asad Umar. According to the facts, the clearance came following a thorough examination of the project’s feasibility assessment done by the National Highway Authority (NHA).
Furthermore, the government will assist the 117-kilometer four-lane Kharian-Rawalpindi Motorway project through the operational Viability Gap Fund (VGF) to make it more open to private-sector participation. The board also determined to give the project with the most assistance and optimal investment through an appropriate mix of VGF and money.
The project will be completed in 24 months and would provide a faster and shorter route from Lahore to Islamabad than the current route. The project has a concession period of 25 years, including construction, and a six-month financial closeout period.
The deputy chairman of the Planning Commission, secretaries and nominees of planning, finance, and communications, Member Private Sector Development, Member Infrastructure and Regional Connectivity, Director General Debt Office of the Finance Division, NHA Chairman, P3A Chief Executive Officer, and private members of the board Huma Ejaz Zaman and Akbar Ayub Khan were among those who attended the meeting.