Finance Division provided Rs21,886 mln project financing in FY2017-18

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ISLAMABAD, Jul 31 (APP):The federal government released Rs 21886.308 million for various ongoing and new projects of the Finance Division during the fiscal year 2017-18 under the Public Sector Development Programme (PSDP).
According to official sources, the government had earmarked Rs 27,064.708 million in the PSDP for the Finance Division projects, with foreign exchange component of Rs 715.402 million.
An amount of Rs 9,555 million has been released for Greater Karachi Water Supply Scheme, which is being developed by the Sindh and federal governments on cost sharing basis.
Similarly, Rs 1,500 million has been released for Greater Karachi Sewerage Plant (S-III) Karachi, which is also being developed on cost sharing basis. The federal government has earmarked Rs 1,500 million for the project in the PSDP 2017-18.
The federal government also released Rs 500 million for Gwadar Development Authority and Rs 300.188 million for two power plants from Syngas (IGCC 2009) in Tharparker, with each plant having capacity of producing 50 megawatt electricity.
The total cost of the project was estimated at Rs 8,898.7 million, out of which Rs 300.188 was earmarked in the fiscal year 2017-18, which has already been released.
An amount of Rs 300 million has been released for development works in Phoolnagar and adjacent areas while Rs 250 million has been provided for a flyover on Hala Road bypass and Patoki overhead bridge connecting rural areas with the Pattoki city.
The government also released Rs 137.335 million for a bridge over Balloki-Sulemanki Link at village Balloki to connect the surrounding areas with motorway in Nankana district while Rs 150 million has been released for the construction of dual carriageway in Phoolnagar, Kasur district.

Likewise, Rs 150 million has been released for Energization and Functionality of Construction and Extension of Audit House, Islamabad.
The government also released Rs 79.396 million for another important project related to automation of Central Directorate of National Savings (CDNS), Phase-II. The total cost of the project has been estimated at Rs 879.8 million, out of which Rs 202.106 was earmarked during the current fiscal year.
It is pertinent to mention here that in total the government has released over Rs 795997.734 billion under its Public Sector Development Programme (PSDP) 2017-18 for various ongoing and new schemes against the total allocations of Rs1,001 billion.
The Planning Commission of Pakistan follows the stipulated mechanism for release of funds: first quarter (July-September) 20 per cent, second quarter (October-December) 20 per cent, third quarter (January-March) 30 per cent and fourth quarter (April-June) 30 per cent.