Technology

Pakistan’s IT sector to get $88.25 million loan from US

Avatar Written by Mohammad Jamal · 50 sec read>

The Information Technology (IT) Park is being financed for the first phase by the government of Pakistan. A loan agreement has been signed for $88.25 million dollars. Miftah Ismail, former advisor to Prime Minister and newly appointed Finance Minister, signed the agreement on the announcement of the Economic Survey of Pakistan 2017-2018.

A new state-of-the-art IT Park is being established in Islamabad, the capital city of Pakistan. The project is being financed by a Korean Exim bank through the Economic Development Cooperation Fund. The IT-park is spread over an area of 47.7 acres of land in Islamabad.

Pakistan has seen that these software technology parks are a major factor in facilitating the IT companies and play a major role in the development of the IT industry. Arfa Kareem Technology Park in Lahore is a major player, who has brought a lot of foreign companies to invest in Pakistan.

The construction of this new IT Park in Islamabad will be undertaken in two phases on 14.9 acres of land is expected that design and construction of IT Park will be completed by 2020. Ministry of IT and Telecom is said to establish IT parks and place 3,000 interns in them, earlier this year, and also establish such state-of-the-art technology parks in other cities of Pakistan.

With such initiatives and discussion, we soon expect to see Technology Parks in Pakistan.What do you think about it? Let us know in the comments below.

Written by Mohammad Jamal
Mohammad Jamal is a technology writer whose expertise lies in writing news and review articles. He is a software engineer from Lahore and is currently using a Huawei Mate 10. Reach out to him at mohammad.jamal@techjuice.pk and Facebook: mohammad.jamal93. Profile

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