KARACHI: Mayor Murtaza Wahab has announced the launch of project-based municipal bonds to fund major development projects in Karachi. This marks a new approach to urban financing in the city.
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 said the Karachi Metropolitan Corporation (KMC) will partner with PSX to raise funds for long-term and sustainable projects for KMC, Karachi Water and Sewerage Corporation (KWSC), and Sindh Solid Waste Management Board (SSWMB).
One of the planned projects is the construction of a multi-storey parking plaza near the PSX building on I.I. Chundrigar Road, which will help convert the area into a pedestrian-friendly zone. A similar project is planned at the Railway Ground, with funding already arranged, pending final approval.
“Our city owns valuable assets,” Wahab said. “With municipal bonds, IPOs, and special purpose vehicles, we can unlock funding without depending on federal or provincial support.” He also mentioned a proposed water project from Haleji, which could provide 65 million gallons of water, as an example of asset-backed development.
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Earlier, the mayor also inaugurated Karachi’s first modern and hygienic meat market inside the historic Empress Market. He said the market had been neglected for years but has now been renovated to offer a cleaner space for meat vendors.
The new meat market features 29 stalls for traders and a newly built parking facility that can hold 400 cars and 150 motorcycles, helping solve long-standing parking issues in the area.
Wahab said the remaining part of the Empress Market will also be restored, including the historic clock tower. “In the past two years, we’ve taken tough decisions, but with public support, we’ve made progress. Under Bilawal Bhutto’s vision, the development journey will continue,” he said.
Referring to challenges, Wahab said they are actively fighting against mafias. “In the past, people surrendered to them, but now we are determined to end illegal activities like China-cutting while ensuring livelihoods are not affected.”
He added that when the Pakistan Peoples Party took over KMC two years ago, they focused on performance instead of complaining about limited powers. “KMC has the same resources as before. What has changed is leadership, honesty, and dedication.”
Under the city’s heritage restoration efforts, Wahab said several historic buildings have already been reopened to the public, including Frere Hall, Khaliq Dina Hall, and Denso Hall. Renovation work is also ongoing at Hathi Market, and six more KMC markets are scheduled for restoration this year.
However, the mayor expressed concern that despite the new parking space at Empress Market, people still park on the streets. He said that whenever authorities act against the parking mafia, they face legal hurdles and false accusations.
