As we reported earlier, the federal government is planning to establish an IT Park in the federal capital and now it has announced that the project will be completed by 2020.

Earlier in March, the government signed a loan agreement with the South Korea’s Exim Bank which will provide necessary funds for the establishment of the project which will cost around Rs. 10 billion.

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The IT Park will spread over an area of 47.7 acres of land and will support small and medium IT companies of Pakistan. Ministry of IT believes that this project will play a major role in facilitating IT development in Pakistan.

The construction of the IT Park will be completed in two phases where work will be done on 14.9 acres of land. The government also plans to soon start construction of IT Park in Lahore and Karachi where the former already hosts one such fine establishment named Arfa Kareem Software Technology Park.

Previously Minister of IT, Anusha Rahman revealed that she is not satisfied with the IT Parks that are already present in the country. With the federal government’s project, she insisted that people will get a true IT park in their country.

With this project, the government aims to create 5000 IT jobs for the graduates in Pakistan.