Inclusion of Karachi coastal zone in CPEC a game-changer
The direct Chinese investment in the KCCDZ project is expected to be around $3.5 billion
A megaproject has been launched in Karachi under the China-Pakistan Economic Corridor (CPEC). Pakistan and China have agreed to include multi-billion dollar Karachi Coastal Comprehensive Development Zone (KCCDZ) under the CPEC framework.
“The monumental decision was taken during the 10th Joint Cooperation Committee (JCC) on CPEC, held on 23rd September 2021 at Islamabad and Beijing,” a government statement said.
The KCCDZ, an initiative of the Ministry of Maritime Affairs, focuses on providing Karachi with an ultra-modern urban infrastructure zone, placing Karachi amongst the top port cities of the world.
In a first of its kind, the planned KCCDZ project will be built on direct Chinese investment in partnership with Karachi Port Trust (KPT).
It is expected to bring direct Chinese investment of around $3.5 billion.
Developed on reclaimed area of approximately 640 hectares on the Western backwaters marsh land of the KPT, the KCCDZ will be a flagship project not only for Pakistan but the entire region.
The KCCDZ will also provide housing to more than 20,000 families living in the surrounding slums, in accordance with Prime Minister Imran Khan’s vision of promoting low-cost housing.
The environment friendly KCCDZ, which was described as a game-changer, envisages four new berths for KPT adding depth to Pakistan’s expanding maritime sector. It will also house a state-of-the-art fishing port, with a world class fisheries export processing zone to boost Pakistan’s trade potential.
“Inclusion of Karachi Comprehensive Coastal Development Zone in CPEC is a game-changer. Will clean up our marine habitat for fishermen, develop 20k low-income housing units, & present opportunities for investors,” the the prime minister tweeted.
It will also drastically improve the marine ecosystem and reduce pollution by establishing a water treatment plant at the mouth of the Lyari River.
The KCCDZ will connect with the rest of Karachi through a majestic harbor bridge rising from behind Pakistan’s Deepwater Port, with exit ramps for Manora Islands and Sandspit beach.
The KCCDZ carries enormous potential for global investors as well.
The project will unlock Pakistan’s unexplored Blue Economy and significantly enhance development and industrial cooperation between the two brotherly countries.
Move marks departure from the hard-line approach taken by ex-... READ MORE
Elderly woman charged with over 11,000 counts of accessory to murder READ MORE
Day to honour lost children and survivors of residential schools READ MORE
Advertising on the Tube guarantees high visibility to millions of... READ MORE
In September, Emirates embarked on a worldwide campaign to recruit... READ MORE
Gen. Abdel-Fattah Burhan announced that he was dissolving the... READ MORE
Over 91.5 million PCR tests have been conducted in the country so far READ MORE
Military forces detained senior Sudanese government figures on Monday ... READ MORE