Tariq Mehmood Murtaza, Chairman Rawalpindi Development Authority (RDA) said that an amount of Rs.6.2 billion has been released for land acquisition of Rawalpindi Ring Road (R3) project and Prime Minister Imran Khan would soon perform ground-breaking of this project of vital importance.
He said that 65.5 KMs long 6 lanes R3 would change the lifestyles and set new horizons of development in the twin cities. He said that the R3 will not only reduce the traffic congestion in the twin cities, it will also provide a clean, healthy and safe environment besides making significant contributions to national development.
He said that business hubs, industrial zones, transport terminals, wholesale markets, logistic and education hubs, health city, dry port, recreational parks and residential estates would be constructed on both sides of the R3 that would uplift the economy of the region and provide plenty of jobs.
He expressed these views while addressing the business community at Islamabad Chamber of Commerce & Industry (ICCI), said a press release issued here Thursday.
Tariq Mehmood said that the cost of the R3 project was estimated at Rs.50 billion and after the financial closure, its construction would be completed within 2-3 years. He said that the R3 project would be executed on the public-private partnership (PPP) model and stressed that the business community should actively participate in its construction to capitalize on its investment potential. Muhammad Abdullah Deputy Project Director, RDA gave a detailed presentation on R3 project to the business community.
In his welcome address, Sardar Yasir Ilyas Khan, President, ICCI appreciated the initiative of PTI government for starting the R3 project that was the dire need of the twin cities.