KP govt decides to establish trade corridor at Torkham

21 Oct, 2024

PESHAWAR: The KP government has decided to establish trade corridor at Torkham to facilitate and streamline trade activities with Afghanistan and Central Asian States and construction of a dedicated Cargo Railway Track from Peshawar to Torkham for this purpose.

The decision has been made during a meeting held here with Chief Minister Khyber Pakhtunkhwa Sardar Ali Amin Khan in the chair. Besides, Advisor to Chief Minister for Finance Muzamil Aslam, the administrative secretaries of the concerned departments attended the meeting.

These initiatives are part of the seven flagship projects approved by the provincial government for the socio-economic development and welfare-oriented projects.

The provincial government has also announced the construction of 365 Kilometres long Peshawar-D I Khan Motorway as an international trade corridor that will traverse through 12 districts of the province and connect the province with the provinces of Baluchistan and Punjab. As integral western route, it will provide direct access to Afghanistan and Central Asian Republics.

Other flagship projects including provision of Life Insurance for All, establishment of a Provincial Islamic Takaful Insurance Company, launching of Solarization Programme and adoption of the paying guest concept in the tourism sector.

The concept is not only eco-friendly but will also help residence of far-flung areas to earn livelihood. This concept will offer an accommodation where tourists get a chance to live with the host family and experience the local culture. The government will provide loans to the people in peripheral areas to build additional rooms for tourists ensuring provision of standard facilities. The initiative will not only contribute to green tourism, but will also open up new venues for exploration.

It has also been decided to establish a Provincial Islamic Takaful Insurance Company to meet the growing demand for Islamic insurance within the province, and to run the social protection initiatives of the provincial government on sustainable basis with wider coverage.

Another important project is the construction of 120-Kilometre long 220 KV Power Transmission Line from Swat to Chakdara. This project will facilitate evacuation of clean and environment friendly power to be produced through Hydro Power projects of the provincial government. It will generate Rs 54 billion annually for the provincial kitty leading self-sustainability of the province.

Moreover, it will not only boost economic activities by providing electricity at cheaper rates to the industries but will also provide relief to the poor people through provision of electricity at discounted prices.

Similarly, solarization scheme would be another flagship initiative of the incumbent provincial government. In the first phase of this programme, 65,000 units of solar powered energy solution will be provided to the low-income households of the province. In the second phase, 65,000 units will be provided on loan on easily repayment installment. Additional all the government offices will be solarized across the province.

In order to streamline the management of the financial matters of the province, it was decided to establish Debt Management Fund under the provincial government. This is the first step of its kind in Pakistan representing an effort to enhance provincial fiscal resilience and improve fiscal management.

The government is committed to allocate at least 5% of the total provincial debt to the Debt Management Fund. The fund will function like sovereign wealth fund, supporting high impact projects with less dependence on borrowing, promoting long term fiscal sustainability.

Copyright Business Recorder, 2024

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