Expansion of Karachi Expo Centre: centre commits over Rs 1.3 billion financing

The federal government has committed to put in over Rs 1.3 billion financing in the initial phase of remodeling and expansion of Karachi Expo Centre, within one year. According to official documents of the project available with Business Recorder, a total Rs 2.677 billion finance will be required for the project's initial component -construction of three new exhibition halls and related external development works.
The financial share of Trade Development Authority of Pakistan (TDAP) is Rs 669 million and rest of the amount required for the project will be financed through Export Development Fund (EDF) which amounted to Rs 669 million. The project was sailed through Central Development Working Party (CDWP) recently to receive the final approval from Ecnec, which would consider the project shortly.
The project would be implemented in three phases/components. After completion of Component-I, separate PC-Is would be submitted for initiating activities of Component-II and Component-Ill. Component-II is related to demolition of existing exhibitions halls, Congress Center and Service Building and Construction of six New Exhibition Halls, multi-story Car Parking Building, Underpass and related External Development Works.
Similarly, the component-III relates to construction of IT Tower/TDAP office building, Convention Center and related external development works. For these activities, another separate PC-I would be submitted after completion of Component-I and II. The documents said that sponsors had initially submitted a PC-I at estimated cost of Rs 11.68 billion with CDWP in December, 2018. The project's cost was proposed to be borne by Public Service Development Programme (PSDP) around Rs 5.84 billion, through EDF some Rs 2.92 billion and TDAP around Rs 2.92 billion.
The initial PC-I was discussed in a consultative meeting held on December 19, 2018. After detailed deliberations, sponsors were advised to modify PC-I as well as feasibility study. The sponsors have now modified initial PC-I as well as feasibility study in the light of discussions of the said consultative meeting and re-submitted it on February 25, 2019 accordingly.
The estimated cost of modified PC-I is Rs 2.67 billion. In the previous PC-I, the sponsors proposed to launch all activities in one-go. However, they have now proposed to implement the project in three components /phases. The proposed project aims to modernize and expand KEC-spreads on 44.32 acres' land and developed 20 years ago in order to meet present requirements and future challenges in organizing trade fairs and exhibitions.