Punjab greenlights Rs100b Innovation City project

The government of Punjab has announced that it has categorically approved the long-awaited Innovation City project in Lahore, a Rs100 billion development plan, with a scope of generating one million jobs.

The project has the potential to redefine the landscape and become a growth engine of Punjab’s provincial capital. However, even in the previous tenure of Mian Shehbaz Sharif as Chief Minister of Punjab, this venture was unable to materialise.

Previously, the Lahore Knowledge Park Company was executing this mega project, but the development and implementation of this city, now renamed as ‘Nawaz Sharif Innovation City’, has been shifted to the Punjab Central Business District Development Authority.

On Tuesday, Chief Minister Punjab Maryam Nawaz Sharif gave approval and allocated Rs10 billion as seed money for this project.