KABUL, Feb. 21 (Xinhua) -- Afghan authorities are set to develop a major commercial and residential township in northern Kunduz province, marking one of the largest state-backed development projects in recent years, the general directorate of state-owned corporations announced on Saturday.

The Spinzar Kunduz Commercial and Residential Township covers 150 acres of land in the northeastern zone. The project carries an estimated cost of 45 billion Afghanis (about 714 million U.S. dollars).

According to a statement from the directorate, the township has been designed in accordance with international standards and is expected to significantly transform the urban landscape of Kunduz city, the provincial capital and a key economic hub in the northeast.

Upon completion, the project aims to create new economic, commercial, and residential opportunities for citizens while boosting development in the region. ■