Govt wants foreign investment for Rawalpindi Ring Road development
Rawalpindi: On July 24, news sources said that the federal government has asked foreign investors to help build the Rawalpindi Ring Road (RRR) and Economic Corridor project. One of the five projects that will be built with money from Foreign Direct Investment is the PKR 38.6 billion project (FDI).
Reports say that the project would be built using a model called Build-Operate-Transfer (BOT), which is similar to the way the Lahore-Islamabad Motorway was built (M-2). After PM Shehbaz Sharif’s trip to the United Arab Emirates (UAE), where he pitched five megaprojects to be built with the help of foreign investors through a Public Private Partnership (PPP), the decision was made. The five projects are the Parco coastal refinery Phase-I oil import terminal, the Kharian-Rawalpindi Motorway, the Rawalpindi Ring Road, the Karachi Circular Railway (KCR), and the Rail Connectivity of Thar Block-II with the railway network.
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It’s important to remember that the 38-kilometer-long RRR project used to be on the government’s list of Annual Development Projects (ADP). But budget problems meant that the project had to stop. Along the route of the project, an industrial zone will be built to help the industrial base of the area.