PESHAWAR, April 16: An Iranian construction company would carry out a Rs6 billion project in tourism sector of NWFP, entering into a joint venture with the provincial government.

The company — PERLITE — would arrange 80 per cent of the Rs6 billion project whereas remaining investment would be made by the provincial government.

An official handout on Tuesday said, the project involves development of tourist spots in the scenic Galliyat region of NWFP, in addition to the establishment of small hydel power stations, water reservoirs, lakes, picnic spots, hill resorts, tourist huts, camping and recreational spots, parks, hotels and chairlift between Changa Gally, Donga Gally and Ayubia.

A formal understanding between the provincial government’s authorities concerned and representatives of the Iranian firm was reached at a meeting here on Tuesday.

The total cost of the project has been estimated at Rs6 billion and it would be implemented in phases. A memorandum of understanding between the two sides, contained the handout, would shortly be signed.

Representatives of the Iranian firm, including deputy managing director of PERLITE Hossein Abbasi Rad, executive officer of the firm Ayatollahi, director marketing Talib Turabi and chief executive of Murtazui company Ghulam Abbas are on a visit to NWFP to explore possibilities of investment in the tourism sector.

NESPAK’s consultant, Iftikhar also accompanied the visiting delegation, contained the handout.

Provincial minister for local government and rural development, Sardar Mohammed Idrees, speaking on the occasion, expressed the hope that the project would boost economic activities in the hilly region, create job opportunities for the people of the area and would cement friendly relations between the two neighbouring countries.