CDA covets foreign investment to cope with financial crunch.ISLAMABAD, 07 May , 2009 (Balochistan Times) -- The Capital Development Authority is yearning for foreign investment in the federal capital to handle financial crisis confronting it owing to owing to prep. Because of; on account of: I couldn't attend, owing to illness. owing to prep → debido a, por causa de worldwide financial meltdown meltdown Occurrence in which a huge amount of thermal energy and radiation is released as a result of an uncontrolled chain reaction in a nuclear power reactor. The chain reaction that occurs in the reactor's core must be carefully regulated by control rods, which absorb , and execute mega projects planned for upcoming years. We need the foreign business giants to invest their capital in the real estate sector and other mega projects, planned for the federal capital, said a senior CDA (1) (Compact Disc Audio) The compact disc file extension that is seen on the computer in Explorer or some other file manager. CDA files are actually pointers to the locations of the individual tracks on the CD medium. See CD-DA. official here. He said the city fathers are strategizing various ways and means WAYS AND MEANS. In legislative assemblies there is usually appointed a committee whose duties are to inquire into, and propose to the house, the ways and means to be adopted to raise funds for the use of the government. This body is called the committee of ways and means. to overcome the crunch and we are also mulling mulling (mul´ing), n the final step of mixing dental amalgam; a kneading of the triturated mass to complete the amalgamation. to hold a real estate exposition in Dubai in which the CDA would advertise its real estate assets and would apprise them about the scope in Islamabads market. The official said as the annual budget for the fiscal year 2009-10 is just one-month away, but the civic body is yet to meet its liabilities mounting billions of rupees but the downing real estate market is adding to the worries of CDA bosses. The Authority presented annual budget 2008-09 with outlay of Rs 25 billion but meeting the budget targets has become cumbersome task as investors are scared to invest in deteriorating real estate market, the only major source of revenue generation, due to one or the other reason. Moreover, the official said the CDA high ups are also planning to make business visits abroad to publicize the scope in real estate sector and invite foreign investors. We are planning to visit United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , United Kingdom, Dubai and Malaysia to offer land assets of Islamabad to foreign investors for development, said the official. He said the Authority is running short of funds to meet its liabilities while it has yet to execute several mega projects announced in the fiscal budget 2008-09 besides non-development expenditures. We have yet to develop several residential sectors to minimize the deficiency housing units that has touched the surpassed the figure of 50,000, said the official. When contacted, another CDA official from CDAs Treasury Division ruled out any financial crunch confronting the Authority. He was confident to say that the present reserves of the Authority would be doubled by the end of this fiscal and added that the CDA had been facing some lack of funds just because it could not auction its plots during last three years but the process has been resumed recently. (THROUGH ASIA Asia (ā`zhə), the world's largest continent, 17,139,000 sq mi (44,390,000 sq km), with about 3.3 billion people, nearly three fifths of the world's total population. PULSE) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion