The Economic Coordination Committee (ECC) of the Cabinet, on March 1, agreed to grant government guarantee of Rs. 1.5 billion to the Textile City Limited project, a joint venture between Prime Financial Institute and government of Pakistan.
The city is proposed to be set up near Karachi's Port Qasim on an area of 1,250 acres.
Port Qasim Authorities have granted land for setting up the textile city, while the Pakistan Textile City funded initial paid up capital for procurement of land and its development.
Moreover, the Pakistani government too has put in Rs. 500 million in the project.
The project, once completed would provide several facilities like natural gas, power plant, dedicated water pipeline, residential complexes and training institutes.
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