AGL 34.48 Decreased By ▼ -0.72 (-2.05%)
AIRLINK 132.50 Increased By ▲ 9.27 (7.52%)
BOP 5.16 Increased By ▲ 0.12 (2.38%)
CNERGY 3.83 Decreased By ▼ -0.08 (-2.05%)
DCL 8.10 Decreased By ▼ -0.05 (-0.61%)
DFML 45.30 Increased By ▲ 1.08 (2.44%)
DGKC 75.90 Increased By ▲ 1.55 (2.08%)
FCCL 24.85 Increased By ▲ 0.38 (1.55%)
FFBL 44.18 Decreased By ▼ -4.02 (-8.34%)
FFL 8.80 Increased By ▲ 0.02 (0.23%)
HUBC 144.00 Decreased By ▼ -1.85 (-1.27%)
HUMNL 10.52 Decreased By ▼ -0.33 (-3.04%)
KEL 4.00 No Change ▼ 0.00 (0%)
KOSM 7.74 Decreased By ▼ -0.26 (-3.25%)
MLCF 33.25 Increased By ▲ 0.45 (1.37%)
NBP 56.50 Decreased By ▼ -0.65 (-1.14%)
OGDC 141.00 Decreased By ▼ -4.35 (-2.99%)
PAEL 25.70 Decreased By ▼ -0.05 (-0.19%)
PIBTL 5.74 Decreased By ▼ -0.02 (-0.35%)
PPL 112.74 Decreased By ▼ -4.06 (-3.48%)
PRL 24.08 Increased By ▲ 0.08 (0.33%)
PTC 11.19 Increased By ▲ 0.14 (1.27%)
SEARL 58.50 Increased By ▲ 0.09 (0.15%)
TELE 7.42 Decreased By ▼ -0.07 (-0.93%)
TOMCL 41.00 Decreased By ▼ -0.10 (-0.24%)
TPLP 8.23 Decreased By ▼ -0.08 (-0.96%)
TREET 15.14 Decreased By ▼ -0.06 (-0.39%)
TRG 56.10 Increased By ▲ 0.90 (1.63%)
UNITY 27.70 Decreased By ▼ -0.15 (-0.54%)
WTL 1.31 Decreased By ▼ -0.03 (-2.24%)
BR100 8,605 Increased By 33.2 (0.39%)
BR30 26,904 Decreased By -371.6 (-1.36%)
KSE100 82,074 Increased By 615.2 (0.76%)
KSE30 26,034 Increased By 234.5 (0.91%)

Due to non-materialisation of the government guarantee of Rs 1 billion issued by the Economic Co-ordination Committee (ECC) of the Cabinet, the Textile City project is in the doldrums. Sources in the Ministry of Textile told Business Recorder on Wednesday that the ECC of the Cabinet had issued government guarantee in favour of Textile City in May 2009.
However, still, Textile City has not been able to negotiate terms and condition of the loan with any bank. Land for Textile City has been bought, located in the eastern zone of the Port Qasim, Karachi on 1250 acres and 300 acres adjoining land for Garments City, a dedicated zone for manufacturing value-added textile products. The estate is located in the eastern industrial zone of Port Qasim about six kilometers from the National Highway.
It is a joint venture of government of Pakistan, public sector and prime financial institutions. The land for Textile City was acquired from Port Qasim Authority (PQA), and its levelling and grading has been completed.
Sources said in the proposal all basic facilities, including establishment of captive power plant, provision of natural gas, waste water treatment plant, worker''s residential complex, training institute, dedicated textile environment, power supply, continuous water supply, sewerage and storm drainage system, security and fire fighting systems, effluent treatment plant, roads and advanced telecommunication infrastructure, proximity to port and one-window and all services would be managed by Pakistan Textile City.
Sources said due to non-availability of the finances, Textile City project has not yet taken off. If the Ministry of Textile Industry does not resolve the problems faced by Textile City, it would lead to wastage of the already invested amount.
Sources said the total cost of the project is estimated at around Rs 3.6 billion, excluding power plant and wastewater treatment, which would be an additional cost of Rs 5.1 billion. The main purpose was not only to support industries only but also to promote investment opportunities.

Copyright Business Recorder, 2009

Comments

Comments are closed.