Mayor Karachi Murtaza Wahab has unveiled a new initiative to raise funds for Karachi’s development by launching project-backed municipal bonds.
Speaking at a gong ceremony at the Pakistan Stock Exchange (PSX), Wahab became the first mayor in Karachi’s history to ring the PSX bell. He outlined plans for collaboration between the Karachi Metropolitan Corporation (KMC) and PSX to fund long-term, sustainable projects for the city’s key institutions, including KMC, the Karachi Water and Sewerage Corporation (KWSC), and the Sindh Solid Waste Management Board (SSWMB).
One of the key projects includes the construction of a multi-story parking plaza near the PSX building on I.I. Chundrigar Road, which will help transform the area into a pedestrian-friendly zone. A similar project is also planned for Railway Ground, with funding already allocated pending final approvals.
Wahab highlighted that municipal bonds, along with initial public offerings and special purpose vehicles, will help unlock capital for the city’s development, reducing reliance on federal and provincial funding.
He also pointed to a proposed water project from Haleji, which could supply 65 million gallons, as an example of asset-backed financing.
