The Infrastructure Project Development Facility (IPDF) has signed two memoranda of understanding (MoUs) with Pakistan Tourism Development Corporation (PTDC), under which the former will extend multiple assistance to the latter in developing two projects - PTDC Tourist Village and PTDC Corporate Complex - following public-private partnership framework in capital.
The MoUs were signed here on Thursday by IPDF Advisor Ghulam Murtaza Satti and Managing Director of PTDC Brigadier Amanullah (retd) in the presence of acting Chief Executive Officer of IPDF Adil Anwar and Secretary, Ministry of Tourism, Ali Arif.
Under the agreement, the IPDF would provide technical support to the PTDC, including services of qualified advisory firms, to assist in structuring the development of the corporate complex. Speaking on the occasion, Satti said these MoUs would prove to be another step forward in facilitating the private sector's participation in promoting tourism.
He further said that President Asif Ali Zardari was giving due consideration to projects meant for accelerating infrastructure development and issued special directives to the relevant ministries in this regard. "We are focusing on good governance and regulation for providing enabling environment for creating investment opportunities to harness the private sector," he added.
The PTDC intends to develop 'Tourist Village' on 25 acres of land at Shahrah-e-Kashmir, adjacent to Islamabad Club. In addition to the Tourist Village, the project would have a modern three-star hotel, which would include restaurants, conference halls, theatre facilities, gymnasium, health club, indoor games facilities, corporate offices, tourist handling and promotional offices.
The PTDC's second project is development of a Corporate Complex on an area measuring 7,544.44 square yards in sector F-5/1, Islamabad. In addition to housing the PTDC's head office, it would also have corporate offices, auditorium, display areas, audio/visual and tourism facilitation centres.
Both the projects will be conceived in a manner that private sector will develop design, finance, operate and maintain the building. The ownership of these projects will always remain with the PTDC. However, their development and operational rights will be given to private parties for a specific period.