Pakistan textile city
Pakistan Textile City is located in Karachi, Sindh, Pakistan. Pakistan Textile City is an industrial zone dedicated to the textile processing and related industry. Established in 2009, with a total area of 1250 acres, the estate is located in the Eastern Industrial Zone of Port Qasim Karachi, 6 km from the National Highway.
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The Federal Government of Pakistan has a 40% share in the textile city whereas the Sindh Government has 16% shareholding. National Bank of Pakistan (NBP) has 8% stake, the Export Processing Zone 4%, Saudi Pak Insurance Company 4%, National Investment Bank 4%, Pak Kuwait Investment Company 4%, Pak Qatar Investment Company 4% and PIDC 1%.
Currently, the Pakistan Textile City project is on the verge of collapse, incurring huge loss to the national exchequer as the government is paying about Rs.400 million as interest on bank loans per year. Due to mismanagement and corruption the debt of textile city is exceeding Rs.2.4 billion.