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Home Business

Govt allocates Rs1.84 bn for Development Projects

by News Publishing
June 8, 2022
in Business, Economy, Finance, Main
Reading Time: 2 mins read
0
Govt allocates Rs1.84 bn for Development Projects
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The Finance Division has approved the allocation of Rs. 1.84 billion to six Public Sector Development Projects (PSDP) under the Defense Division in the budget for the FY 2022-23.

Five of these projects are currently in progress, and one new project has been approved for funding. The PTI government launched all of the ongoing projects, while the new project was launched in 2017.

On December 2, 2020, this project was approved for a total cost of Rs. 3.48 billion. The project has already received Rs. 700 million in funding. The project still requires Rs. 2.78 billion of the total approved cost to be completed. However, for the fiscal year 2022-23, the Finance Division has only allocated Rs. 500 million to the project.

This project was approved on 23 April 2021 for a total cost of Rs. 1.87 billion. So far, Rs. 100 million has been allocated for the project. Of the total approved cost, the project still requires Rs. 1.77 billion to be completed. However, the Finance Division has only allocated Rs. 300 million to the project for FY 2022-23.

According to the FY2022-23 budget document, an amount of Rs. 21 million had been allocated for the Establishment of FG Degree College for Boys Kohat, Rs. 90 million for Feasibility Study for Establishment of National Spatial Data Infrastructure (NSDI) for Pakistan, Rs. 913.57 million for Construction of Multi-Functional Office Building at Defense Complex Islamabad (DCI).

 Furthermore, According to the FY2022-23 budget document, Rs. 300 million has been approved for the development of an ICT- and AI-based Precision Agriculture System utilizing dual-use Aerospace Technologies— Green AI and Rs. 500 million for the Establishment of the National Aerospace Science and Technology Park (NASTP) Aviation City Pakistan (ACP).

Rs. 26.15 million allocate for project Establishment of New Generation National Geodetic Datum of Pakistan

Tags: development projectsFinance DivisionlatestPSDP

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