Karachi: Iron Brother China is expected to spend US $ 3.5 billion on Karachi Coastal Comprehensive Development Zone (KCCDZ) project under the China-Pakistan Economic Corridor (CPEC) framework, a senior Pakistani cabinet member said.
Federal Minister for Maritime Affairs Syed Ali Haider Zaidi tweeted that Pakistan and China had agreed to include KCCDZ in the CPEC, adding it would prove to be a “game changer” for Pakistan.
The minister mentioned that the planned multi-billion dollars mega KCCDZ project would be built with direct Chinese investment in partnership with Karachi Port Trust (KPT).
The quantum of expected investment, he informed, was approximately US $ 3.5 billion. “KCCDZ would be a flagship project for not only Pakistan but also the entire region,” he maintained.
The monumental decision was taken during the 10th Joint Cooperation Committee (JCC) on CPEC, held virtually on September 23 at Islamabad and Beijing.
The two allies agreed to include KCCDZ under the CPEC framework. KCCDZ, an initiative of the Ministry of Maritime Affairs focuses on providing Karachi with an ultra-modern urban infrastructure zone – placing Karachi amongst the top port cities of the world.
The planned multibillion dollar mega KCCDZ project will be built on direct Chinese investment in partnership with Karachi Port Trust (KPT).
Developed on reclaimed area of approximately 640 hectares on the Western back waters marsh land of KPT, KCCDZ will be a flagship project for not only Pakistan but the entire region.
In accordance with Prime Minister Imran Khan’s vision for promoting low-cost housing, KCCDZ will also provide residential resettlement to more than 20,000 families living in the surrounding slums.
The environment friendly mega KCCDZ, envisages 4 new berths for KPT adding depth to Pakistan’s expanding maritime sector. It will also house a state-of-the-art fishing port, with a world class fisheries export processing zone to boost Pakistan’s trade potential.
It will also drastically improve the marine ecosystem and reduce pollution by establishing a water treatment plant at the mouth of the Lyari River.
KCCDZ will connect with the rest of Karachi through a majestic harbor bridge rising from behind Pakistan’s Deepwater Port, with exit ramps for Manora Islands and Sandspit beach. KCCDZ carries enormous potential for global investors as well.
KCCDZ will unlock Pakistan’s unexplored Blue Economy and significantly enhance development and industrial cooperation between the two brotherly countries.
Ali Haider Zaidi pointed out that KCCDZ was an initiative of the Ministry of Maritime Affairs. He further said the KCCDZ would also provide residential resettlement to more than 20,000 families living in the surrounding slums.