KARACHI, Jan 29: The City District Government Karachi (CDGK) has received $950 million to complete several mega projects, including construction of a 45-storey IT Tower at Civic Centre. This was stated by Executive District Officer (EDO) of Enterprise and Investment Promotion department of CDGK Said Hasan Naqvi.

The tower will house about 10,000 call centres, and be completed at a cost of $400 million.

Giving details of the projects to be financed, Mr Naqvi said these include an elevated expressway to be built on Shahrah-e-Faisal at a cost of $250 million; a monorail (corridor No 1) from Sohrab Goth to MerewetherTower will be built by a Chinese firm with a Pakistani partner at a cost of $300 million. Investors from USA, France, and the Gulf have shown interest in the project. The city government also intends to build a 5-star and a 7-star hotel at a cost of $200 million. Investors from Kuwait, and Qatar have shown interest in this project.

Three vegetable markets in the city on National Highway, Super Highway and along the Northern Bypass will be built. The cost of the project is being worked out.

He said City Nazim Mustafa Kamal and gave presentation to investors on mega projects planned by the CDGK during the Davos Economic Forum. The screening of a documentary on prospects of investment in Karachi, Pakistan's commercial hub, was arranged on the CNN network during the Davos meeting. This was the first time a city nazim was included in the PM's entourage to attend such an important world event.