KARACHI, April 5: A financial district would be established in the city for which planning has been started and President General Pervez Musharraf has assured every possible help and patronage.
This was stated by Governor of State Bank of Pakistan Dr Shamshad Akhtar while addressing the foundation-stone laying ceremony for the reconstruction of I. I. Chundrigar Road here on Thursday. DCO Fazlur Rehman, President of National Bank of Pakistan Ali Raza, representatives of several banks and financial institutions and officials of the city government attended the ceremony.
Karachi is the country’s financial hub and that’s why it has been selected for the establishment of the new financial district, Dr Akhtar said, adding: “I have also discussed the idea with President Musharraf who assured me of all possible help and patronage of the project.”
She said that she would constitute and head a committee with representatives of the Pakistan Banking Association and City Nazim Syed Mustafa Kamal being its members.
She pointed out that Karachi had an environment favourable for the banking sector, indicating that it was not only a city of ports but located in close proximity with Gwadar port.
She observed that the city government’s positive policies had resulted in a rapid increased in the financial activities in the city.
She said the city nazim had promised that the reconstruction of Chundrigar Road would be completed within four months. He said all banks had contributed wholeheartedly to the funds required for the project. Regarding hardship during the reconstruction work, she said: “We’ll bear this because such hardships would bring big comfort in the long run.”
Speaking on the occasion, City Nazim Syed Mustafa Kamal said that digital cameras would be installed on I. I. Chundrigar Road for the purposes of security and traffic control whereas a central control room would also be set up.
“Although the duration of Chundrigar Road project is 18 months, we have undertaken to complete it in a record time of four months, considering the importance and significance of this road,” he said.
