KARACHI, Dec 29: Banks and other financial institutions would be financing reconstruction of I. I. Chundrigar Road under the Taameer-i-Karachi Programme and paper work in this regard has been started.

This was revealed during a high-level meeting held in the office of the City Nazim here on Monday. The meeting was especially attended by Governor of the State Bank Dr Ishrat Hussain.

Giving a briefing regarding construction and beautification plan of I. I. Chundrigar Road, DCO Mir Hussain Ali described the road as very important artery housing major financial institutions along it.

He said it was the City Nazim’s desire to involve financial institutions also in this programme.

The SBP governor called for the removal of encroachments from the road as well as its sub-arteries. He advised the meeting that a consultancy be hired for the beautification and construction of a model road for which all expenses would be borne by financial institutions.

He said alternative traffic arrangements during the construction of this road be given final shape and a report be submitted in 15 days so that work could be undertaken.

The City Nazim issued directives for an improvement in the traffic management on I. I. Chundrigar Road and Maulvi Tameezuddin Khan Road within a fortnight and said that arrangements for alternative traffic be proposed.

He informed the meeting that planning had been done to link the I. I. Chundrigar Road with Mai Kolachi bypass through a bridge and this plan would be a part of the road’s reconstruction scheme.

He said this would help reduce the load of traffic on Jinnah Bridge and Tower roundabout.

He thanked the SBP governor for taking interest in the city’s development and beautification. —APP