2 min read
The National Assembly Standing Committee on Information Technology was briefed on the progress of the Islamabad IT Park, a project funded by South Korea. Despite 71 percent completion, officials confirmed the project has missed its initial timeline and now faces delays.
During the briefing, IT Secretary Zarar Hashim shared that Islamabad IT Park is being developed with South Korea’s financial support. A loan of $78 million was granted in 2021 with a 10-year grace period, to be repaid over 30 years at an interest rate of just 0.5 percent. The IT Park aims to attract technology firms and boost Pakistan’s IT exports while being built to international standards.
He added that both Islamabad IT Park and Karachi IT Park are backed by South Korean funding, though the Karachi project has encountered complications due to Civil Aviation Authority concerns.
Project Director Aamir Ahmed informed the committee that the Islamabad IT Park is being developed on 14.9 acres of land. Out of the total cost, $76.3 million comes from Korean funding, while $12.5 million is allocated under Pakistan’s PSDP. He confirmed that construction progress has reached 71 percent and the project remains within its approved cost.
According to the agreement with the Korean company, the Islamabad IT Park must be completed within the set cost. However, the project, which was scheduled to finish in 30 months, has already crossed its timeline. It was initially expected to be ready by February 2025, with the final deadline set for October 31, 2025.
Committee Chairman Syed Aminul Haque expressed concern over the delays, pointing out that Prime Minister Shehbaz Sharif had already visited the Islamabad IT Park twice, yet the project still lags behind schedule.
