Faisalabad: Lt. Gen (r) Asim Saleem Bajwa, Chairman of the China-Pakistan Economic Corridor Authority, has confirmed that development work on the Allama Iqbal Special Economic Zone in Faisalabad is in full swing.
Bajwa said in a tweet on Monday that many Pakistani and foreign businesses have begun construction at the SEZ.
He mentioned that a total of 2,276 acres of land has been set aside for this field. Local investors have purchased 33% of the property, while foreign investors have purchased 182 acres, according to him.
Bajwa announced last Wednesday that 88 percent of the work on the 720-megawatt Karot Hydropower Project, CPEC’s first hydropower project, was completed.
The plant, which is situated on the Jhelum River on the border between Punjab and Azad Kashmir, is expected to be completed by April 2022, according to Bajwa. He stated that the project cost $1,780 million and that 5,000 locals were directly employed during construction. The plant, which was originally scheduled to be completed in 2021, would provide Pakistan with 3.2 billion units of cheap, renewable electricity.
The plant completed a river closure in September 2018 and began the extensive construction process. It aims to provide electricity to about 2 million local households per year while also generating about $20 million in tax revenue.
The China Three Gorges South Asia Investment Ltd (CSAIL) is the lead sponsor of Pakistan’s three hydropower projects: the 1,124MW Kohala Hydropower Project, the 720MW Karot Hydropower Project, and the 640MW Mahl Hydropower Project.