Karachi Mayor Murtaza Wahab has announced a major step toward solving the city’s development issues through municipal bonds. At a gong ceremony at the Pakistan Stock Exchange (PSX), he revealed a new funding plan. This marks the first time in history a Karachi mayor rang the PSX bell.
The mayor shared that Karachi Metropolitan Corporation (KMC) will now work with PSX for long-term city projects. These will also involve key departments like Karachi Water and Sewerage Corporation (KWSC) and Sindh Solid Waste Management Board (SSWMB). The aim is to reduce dependency on federal and provincial funding.
A major highlight of the plan is a multi-story parking plaza near the PSX building on I.I. Chundrigar Road. This project will help turn the area into a more walkable, pedestrian-friendly zone. A second plaza at Railway Ground is also in the pipeline, with funds already set aside.
Wahab explained that project-backed bonds, initial public offerings, and special purpose vehicles will unlock new funding sources. These tools will help raise capital without burdening traditional budgets. He emphasized that this financial model is sustainable and suitable for future city growth.
He also mentioned a water supply project from Haleji, expected to deliver 65 million gallons. This project will use asset-backed financing, setting a strong example for future efforts. Karachi’s new funding path, according to the mayor, promises a better, self-reliant future for the city.