The Executive Committee of the National Economic Council (Ecnec) on Friday approved Pak University of Engineering & Emerging Tech project alongwith two other development projects at an estimated cost of Rs340 billion.
Presided over by Minister for Finance and Revenue Shaukat Tarin, the meeting was attended by Planning and Development Minister Asad Umar, Adviser to the Prime Minister on Commerce Abdul Razak Dawood, Khyber Pakhtunkhwa Finance Minister Taimur Khan Jhagra and federal secretaries.
The committee approved a Rs23.54bn project — Pak University of Engineering & Emerging Technologies (PUEET) — a research university in Islamabad, which will house various centres of excellence in the cutting-edge fields of science and technology and state-of-the-art technology park. The project will result in better quality of education, build industry-academia collaboration and train graduates in new technologies.
Ecnec considered a total of three projects, including two worth Rs315.5bn for Khyber Pakhtunkhwa. These included construction of Dir Motorway, sponsored by the government of Khyber Pakhtunkhwa and to be executed by the Pakhtunkhwa Highway Authority (PHA) with an estimated cost of Rs38.991bn.
Ecnec also approved a project sponsored by the KP government for Peshawar-D.I. Khan Motorway to be executed by the PHA. The total cost of the project is Rs276.529bn and envisages construction of 360km-long six-lane dual carriageway from Peshawar to Dera Ismail Khan. It will pass through Kohat, Hangu, Karak, Bannu, Lakki Marwat and Tank and terminate at Dera Ismail Khan.
The project was approved in principle by Ecnec in May this year having a cost of Rs23.55bn with a directive that the Ministry of Planning and Development should rationalise its cost and come back for formal approval within three months. After completion of the deadline, the planning division reported a cost cutting of a few millions which was approved by Ecnec.