Chinese companies and a global investment consortium are keen to invest $8 billion in the Ravi City project in Lahore, says PM Imran Khan.
A meeting of the working group of Ravi Urban Development Authority and Pakistan Island Development Authority chaired by Prime Minister Imran Khan was held on Thursday. The Prime Minister was briefed that the Chinese government and companies were willing to invest $3 billion in the Ravi City project in Lahore and the investment did not include any loan.
ANGCC, a global investment consortium had offered to invest $5 billion in the project on a partnership basis. The premier was informed that to further speed up the progress on this project, a board had been constituted and the work on this project would start in January. The Prime Minister said that the project would resolve the increasing issues of Lahore.
The Ravi Riverfront Urban development Project is unique of a kind. It includes the construction of a planned city stretched over 100000 acres. The project will be completed in three phases.
It will be the largest riverfront in the world after completion. The Ravi City project was inaugurated by the Prime Minister on 7 August this year. The idea of urban development on the Ravi riverfront first came ahead in 1947 by the Deputy Commissioner of Lahore.
In 2013, the government of Punjab began considering it and was planned to span over 44000 Acre. In 2014, Lahore Development Authority hired an Asia engineering company, Meinhardt to run a feasibility study of this project.
This 5 trillion rupees project aims to rehabilitate and develop the Ravi River into a perennial freshwater body with high-quality urban development on the adjoining land for about 35 million people. The idea was taken from Riven Thames in London. 70% area of this grand project will be reserved for the planation of 6 million trees.
A vast lake, a forest, three barrages, and six water treatment plants would be built here. Upper Chenab canal and BRB canal will be used to provide water to the project if needed.
A modern city on the bank of the Ravi Raver, bordering Lahore on the north and west sides consisting of green belts, piers, and boardwalks along with 1.4 million residential units are part of this mega project.
Recently, a report appeared in the media that Lahore is the most polluted city in the world. Undoubtedly, the city has been most thickly populated and a lot of problems like unavailability of freshwater water, sewerage issues and smoke and another kind of pollution have made the city ugly. The Ravi Urban Development Project will most likely resolve the maximum problems of the city.