Rawalpindi: Asian Infrastructure Investment Bank (AIIB) of China has asked for details on Rawalpindi Ring Road (RRR)’s master plan and land acquired for the project, reported a news source. A team representing AIIB is currently in Pakistan to discuss important matters regarding the project with various departments. The bank is to fund the project by providing PKR 47 billion as a loan.
The bank terms the provision of necessary facilities in RRR’s project management unit (PMU) as imperative for the allocation of funds. Please note, the Government of Punjab has cleared the project and has allocated PKR 90.975 million for carrying out its feasibility study.
In the meanwhile, work on completing the project’s master plan is still pending. Furthermore, the acquisition of land required for the project is yet to be completed. According to sources from RDA, RRR master plan and process of land acquisition will start after the project design and feasibility get finalised.
The six-member AIIB team is currently on its fifth tour to inspect the PMU before granting an approval for funds. In this regard, the team has already met with officials from Rawalpindi commissioner’s office and Rawalpindi Development Authority (RDA).
The delegation will also be holding meetings with Punjab Chief Minister Usman Buzdar, Planning and Development Department chairman, officials representing National Engineering Services of Pakistan (NESPAK) and officials representing Economic Affairs Division.
The expected cost of PC-II for the project may go up. To avoid this, NESPAK suggested relaxation in Public Procurement Regulatory Authority (PPRA)’s rules instead of revising the cost.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
