KARACHI: Murtaza Wa­­­hab, the mayor of Kara­chi, has announced the launch of project-backed municipal bonds to raise funds for the city’s development, marking a major shift in urban financing.

Speaking at a gong ceremony at the Pakistan Stock Exchange (PSX) on Mon­day, Mr Wahab became the first mayor in the city’s history to ring the PSX bell.

He revealed plans for collaboration between the Karachi Metropolitan Cor­poration (KMC) and the PSX to finance long-term, sustainable projects for KMC, the Karachi Water and Sewerage Corporation (KWSC) and the Sindh Solid Waste Management Board (SSWMB).

Among the key initiatives is the construction of a multi-story parking plaza near the PSX building on I.I. Chundrigar Road, transforming the area into a pedestrian-friendly zone. A similar structure is also planned for the Railway Ground, with funds already allocated despite awaiting final approvals.

“Our city holds valuable assets,” said Wahab. “And through municipal bonds, initial public offerings, and special purpose vehicles, we can unlock capital without relying on federal or provincial funding. There’s a proposed water project from Haleji, capable of supplying 65 million gallons, as a model for asset-backed financing.”

Published in Dawn, June 17th, 2025