KARACHI, April 19: An estimated amount of Rs1,700 million would be spent on three major projects, including development of parks, beaches and power generation, under the joint venture of city government and private sector.

This was stated by EDO (Enterprise & Investment Promotion) Raeesuddin Paracha here on Monday. He said that the city government would act as facilitator and the private parties would invest in these projects on Built, Operate and Transfer (BOT) basis.

Regarding the pace of work on these projects, the EDO said that the paper work for the projects had almost been completed and the groundwork would start as soon as all other requirements were met. Mr Paracha said that the Terms of Reference (ToR) for pre- qualified firms had been released recently for these projects and pre-qualified firms would submit the ToR with their terms and conditions in the next few weeks.

Under the development of parks project, he said that around 30 undeveloped parks of Karachi would be developed and improved at an estimated cost of Rs500 million. On development of beaches, he said that the work had been expedited by releasing ToR to pre-qualified parties. "A total of Rs1,000 million investment would be required for development of beaches in the next two years," he added.

According to the plans of both projects, he said that amusement parks, swimming pools, theme parks, hotels, picnic huts, sea sports, restaurants, concert stadiums, Dolphin Park, water park, children fun land and floating restaurants would be developed at coastal areas.

Mr Paracha said that another project of great importance for the city was generation of electricity from waste. He said that the ToR for the very project named "Waste to Energy" had also been released recently. Interested companies would invest Rs200 million in this project, which would resolve a major problem of the city in shape of waste generated hundred of tons daily in Karachi, he added. -PPI