LAHORE, Aug 5: Punjab Chief Minister Pervaiz Elahi has said that annual development programme (ADP) has been increased from Rs10 billion to Rs150 billion during the past four and a half years and the government is considering issuance of bonds for generating additional resources.

Talking to a delegation of Citibank, headed by managing-director and country corporate officer Zubyr Soomro, which called on him here on Sunday for expressing interest in providing financial assistance for mega development projects, the chief minister said the Punjab government was completing a number of infrastructure development plans with its own resources whereas the World Bank was funding projects in the fields of education, health and other sectors.

He said the Asian Development Bank was cooperating in Mass Transit Rail Project. State-of-the-art infrastructure facilities were being provided in the Sundar Industrial Estate. Two new five-star hotels were being built in Lahore for the promotion of tourism. Three industrial zones were being developed on Sialkot-Lahore Motorway in which three science and technology universities would be established with the cooperation of Sweden and Germany to produce skilled manpower.

He said economic growth, job opportunities, provision of social services, and poverty alleviation were the main focus of government policies. It was ensuring provision of modern infrastructure for mega projects being executed in different sectors. The mega projects with economic return were being executed by the provincial government itself while those with commercial return were being completed through public-private partnership.

He said the mega projects being carried out in the province included extension and repair of Taunsa Barrage, construction of Lahore Ring Road, Mass Transit Rail System, development of industrial zones and establishment of technical universities. Management units had been formed to monitor the execution of mega projects.

He said the government had taken solid measures for providing security to investments in the province. The development process had accelerated and extensive opportunities became available as a result.

The Citibank delegation expressed interest in providing financial assistance for major projects in Punjab. The head of the delegation said the bank would provide all possible assistance for individual businesses as well as mega projects. It would also assist the government in floating bonds.

He said the trust of foreign banks had increased in the province owing to economic policies of the government.