The Prime Minister Inaugurates The Lahore Central Business District At The Walton Airport Site
According to media sources, Prime Minister (PM) Imran Khan laid the foundation stone for the groundbreaking Central Business District (CBD) project at the Walton Airport site on Friday, expressing hope that this ‘out of the box’ plan would build resources to tackle fiscal and current account deficits.
The prime minister said that the project would amass the wealth that is desperately needed to pay off foreign loans accumulated in the past. He said that it was past time to increase the country’s revenue and reduce spending in order to close the deficits.
According to the details, a commercial district will be developed in the first phase, followed by a digital district and a residential district in the second and third phases. The plant, which will be inaugurated by Prime Minister Imran Khan in February 2021, will be fitted with new facilities, giving a significant boost to the country’s business activities.
Furthermore, PM Khan said that the Walton Airport will be de-notified soon and that an economic hub will be established in its place, which will include the development of several high-rise buildings along both Gulberg Main Boulevard and Ferozepur Road. He mentioned that the Lahore Central Business District would produce PKR 1,300 billion in the first phase, resulting in PKR 250 billion in tax revenue for the government.
Chief Minister Sardar Usman Buzdar announced during the ceremony that the Lahore Central Business District will be built on 300 acres of land within three years. He said that the project to be completed in 3 phases, first phase would include the acquisition of 128 acres, generating commercial activity of around Rs1,300 billion, followed by the development of a residential and digital district.