NetSol Technologies
Selected for Pilot Project to Automate Land Records System
for Punjab
Calabasas,
CA: NetSol Technologies Inc. ("NetSol") (NASDAQ:
NTWK), a multinational provider of enterprise software and
services for the commercial finance industry, announced
that it is one of four finalists for a pilot project to
automate the land records system of the Province of Punjab.
The Government of Punjab in conjunction with the World Bank
is using this pilot project ("the Project") to
evaluate the capabilities of four local IT companies in
order to narrow the field to two vendors to manage a $300
million project to automate the whole Province over a three-year
period.
The World Bank spent more than nine months evaluating the
capabilities of nine local IT vendors before narrowing the
field to four finalists. The Punjab Information Technology
Board is directing this Project, which is expected to be
completed within nine months. The final two vendors are
expected to be selected in the second half of 2007.
Najeeb Ghauri, chairman and CEO of NetSol stated, "We
are very pleased that the Government of Punjab and The World
Bank have selected NetSol for this important pilot project.
We believe our selection is the result of the research and
development initiatives in which we've been engaged in the
past two years. Also, we think it represents a successful
example of the capabilities of our CMMI Level 5-certified
facility in developing applications to help in building
Pakistan's IT Infrastructure." "NetSol's expertise
in developing customized applications and software products,
as well as our strong presence in the Pakistan market make
us a logical choice for the Land Records Management and
Information Systems Program, Province of Punjab Project.
Moreover, we believe these qualities position us as a strong
candidate for selection as one of the final two vendors
for the $300 million project," concluded Mr. Ghauri.
Each finalist was assigned a component of the Project based
on its strengths and capabilities. NetSol's assignment is
to complete an indigenous Urdu language enabled-system for
automating and managing land records and expects to complete
the project in nine months time.
The current state of land records in the province of Punjab,
Pakistan's most populous province, is opaque and insecure,
creating an environment ripe for misrepresentation and dispute.
Inequalities of land distribution, tenure insecurity and
difficulties associated with the land administration and
registration system are closely interrelated and continue
to impose significant constraints on both rural and urban
populations, particularly the poor. Land transactions are
relatively high cost, and disputes about accuracy of land
rights are caused, among others, by the inefficient and
dispersed land records system.
The objective of the project, entitled "Land Records
Management and Information Systems Program ("LRMIS-P")
Province of Punjab", is to improve the land records
service delivery of the Province of Punjab, establishing
greater transparency and contributing to long-lasting tenure
security and more efficient functioning of land markets.
A further goal is to establish a basis for fuller integration
of information associated with rights in land.
NetSol also is working on several other projects for the
Government of Punjab, including the development of a Motor
Transport Management Information System and a Punjab portal,
integrating all provincial departments and district governments
online.
About NetSol Technologies
NetSol Technologies is a multinational provider of enterprise
solutions and services for commercial finance. The Company's
offerings include customized application development, software
products and consulting services. In addition, NetSol develops
outsourced applications in collaboration with clients and
partners.
The NetSol family of products includes: the LeaseSoft Contract
Management System, LeaseSoft Credit Application Processing,
LeaseSoft Wholesale Finance System, LeaseSoft Premium Finance
System, LeaseSoft EPO system, and the LeasePak portfolio
management system. NetSol clients include: Motorola, CitiGroup,
BMW, Toyota, Yamaha Motor Finance, Quest Communications,
and Investec. NetSol's largest customer: DaimlerChrysler
Services, a division of DaimlerChrysler, the world's fifth-largest
carmaker, ranks NetSol as a preferred vendor in 40-plus
countries.
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