LDA eyes Rs20b kickstart funding to launch Elevated Expressway project
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The Lahore Development Authority (LDA) Monday demanded Rs20 billion out of Rs61 billion from the budget of the ongoing fiscal year to start the Elevated Expressway project in metropolis Lahore on immediate basis, reported 24NewsHD TV channel.
The LDA has presented a new financial plan for the execution of the Elevated Expressway.
The shared fund of Rs5 billion will remain intact for the LDA project while the Punjab government will arrange Rs56 billion in the form of loans.
The LDA will present the new final plan summary to the Punjab CM Usman Buzdar.
Sources said that the Punjab finance department has already hinted to allocate funds for the elevated expressway project in the next fiscal year.
However, the Punjab CM has tasked the LDA to start the Elevated Expressway project in the current fiscal year and for that LDA demanded Rs20b kickstart funding to start its construction.
It has been reported that the project will be started in the current FY, if the exclusion authority LDA get Rs20 billion through funds or loans.
A source claimed that all hopes to start the project from February will be diminished if the financial formulas are not settled in the current month.
Reporter Dure Nayyab