A foreign loan of Rs. 26.5 billion ($ 158.5 million) would be arranged by the federal government to develop an IT park in Karachi. The entire cost of the project is Rs. 31.2 billion, with the federal government contributing Rs. 4.72 billion, according to the official project document.
The IT ministry is leading the initiative, which will be finished in six years, to address difficulties in the IT sector such as a shortage of infrastructure, the retention of qualified workers, and increased international competitiveness.
In keeping with the government’s Digital Pakistan goal, software technology parks are an important part of the government’s goal to promote a knowledge-based economy through value addition, innovation, and technology adoption.