Lahore: The Punjab Government is expected to present a bill before the provincial assembly for the creation of an independent authority to develop and execute physical infrastructure and social services projects with contribution from the private sector, according to a news source.
The provincial planning and development department secretary Imran Sikandar said that the provincial cabinet has already approved the law and once the assembly approves it, the Punjab Public-Private Partnership Act 2019 will replace the previous legislation. A public-private partnership policy board headed by the provincial chief executive, will be created, along with a partnership authority, and a statutory body with an executive committee fostering private investments in the infrastructure and social service projects.
As per the budget, the province is obligated to spend 6.45% of the gross domestic product (GDP) annually on developing infrastructure and extend social services to people against the actual public sector investment of 2.26%. This investment gap is to be filled by private capital invested in profitable schemes developed by this proposed authority by the creation of an incentive structure.
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