The Chief Minister of Punjab, Maryam Nawaz Sharif, has approved an ambitious IT City project in Lahore. The project, named Nawaz Sharif IT City, will span 853 acres and be structured into four key segments: IT & Tech District, Education City, Film City, Commercial City, and Residential City.
The Punjab government has allocated 10 billion PKR in seed money to kick-start the project. The implementation of the initiative has been entrusted to the Punjab Central Business District Development Authority (PCBDDA).
The project is expected to generate nearly one million jobs, and the revenue models include self-generation, joint ventures, and Real Estate Investment Trusts (REIT). With an estimated cost of 100 billion PKR, special economic zones will be a key feature, attracting both local and international investment.
Moreover, the Government of Punjab has declared the project tax-free for 10 years, further incentivizing participation and investment.
CBD Punjab plans to conduct a series of roadshows to raise awareness and attract investments, which will fuel the success of the Nawaz Sharif IT City.
Furthermore, the chief minister approved a project to provide 20,000 electric bikes to students on favorable installment plans, with distribution scheduled to commence in May. She also stressed the importance of initiating a trial of the air ambulance project to aid patients in remote areas of the province.
