10-07-2011, 12:26 PM
ISLAMABAD - Capital Development Authority (CDA) has issued approval for the building plan of the Overseas Employment Corporation (OEC) Tower, to be on a G- 9/4 plot. Talking to the press on Thursday, OEC Managing Director Saeed Ahmed Shaikh said that the project was being funded by the Employees Old Age Benefit Institution (EOBI) at a cost of Rs 600 million under an agreement reached between two organisations of the Ministry of Human Resource Development. He said the ground work would be initiated soon on site, adding that the 4000-square-yard plot where the OEC Tower was being built was allotted in the year 1982 by the Capital Development Authority.
However, due to financial difficulties at the corporation, it was not possible for the Overseas Employment Corporation to initiate work on the tower. EOBI investment on the tower was primarily a business venture and it was expected that the Institution would be able to recover the cost of the initial investment later. The construction project would strengthen the financial health of the corporation and would ensure more efficient functioning in it. The joint venture is expected to benefit both the institutions and the public.
However, due to financial difficulties at the corporation, it was not possible for the Overseas Employment Corporation to initiate work on the tower. EOBI investment on the tower was primarily a business venture and it was expected that the Institution would be able to recover the cost of the initial investment later. The construction project would strengthen the financial health of the corporation and would ensure more efficient functioning in it. The joint venture is expected to benefit both the institutions and the public.