FAISALABAD, Sep 15 (APP):Faisalabad Development Authority (FDA) Director General Muhammad Asif Chaudhry said on Tuesday the FDA would be made a financially stable and self-reliant institution on priority basis. In this connection, FDA’s available financial resources would be utilized wisely and effectively to launch sustainable and profitable projects that could generate permanent sources of income for the FDA while also enabling further expansion of urban development projects, he added. He …
FDA to be made financially stable, self-reliant institution: DG Asif Chaudhry
FAISALABAD, Sep 15 (APP):Faisalabad Development Authority (FDA) Director General Muhammad Asif Chaudhry
said on Tuesday the FDA would be made a financially stable and self-reliant institution
on priority basis.
In this connection, FDA’s available financial resources would be utilized wisely and
effectively to launch sustainable and profitable projects that could generate permanent
sources of income for the FDA while also enabling further expansion of urban development
projects, he added.
He was presiding over a high-level meeting held in his office, which thoroughly reviewed
the effective utilization of revenue generated from 284 plots sold to FESCO from among
the various available land parcels in FDA City, different business models and future
financial plans.
FDA Additional Director General Qaiser Abbas Rind, Chief Engineer Mehr Ayub, Directors
Junaid Hassan Manj, Asma Mohsin, Sohail Maqsood Pannu, Yasar Ejaz Chattha, Asim
Mahmood, Afnan Saeed Sandhu, Deputy Directors Adnan Shehzad and Afzal Ansari,
other officers, and office-bearers of the Inqilabi Workers Union, Sadaqat Baloch and
Sheikh Imran, attended the meeting.
The meeting was informed that 284 plots in FDA City had been sold to FESCO for a total
amount of Rs 2.3476 billion, while Rs 586 million had been received as the first installment
under the agreement with FESCO.
Planning was underway to immediately utilize this substantial amount in projects that
could become a permanent and sustainable source of income for the FDA in the future.
Various business models were reviewed in this regard, and the officers concerned
were directed to formulate feasible proposals and projects.
FDA Director General Muhammad Asif Chaudhry said that instead of spending the
Authority’s financial resources merely on conventional expenditures, priority would
be given to investment in revenue-generating projects and productive assets.
Projects would be selected that could provide long-term financial benefits to the FDA,
strengthen its financial autonomy, and make more resources available for providing
better civic facilities to citizens, he added.
He said that FDA assets were highly valuable public resources and would be utilized
with complete transparency, merit, and the broader financial interests of the Authority in view.
A final decision on every project would be taken after a detailed assessment of its
feasibility, expected revenue, expenditures, investment requirements, and future
financial benefits, so that maximum benefit could be derived from the available
resources, he added.
The FDA DG termed the agreement for the sale of 284 plots to FESCO from the
available land parcels in FDA City a welcome development, saying that the agreement
had generated substantial financial resources for the authority, which would be utilized
through prudent planning to further strengthen its financial foundation.
He appreciated the hard work, effective performance, and professional efforts of Project
Director FDA City/Director State Management-II Sohail Maqsood Pannu, Deputy Director
State Management Adnan Shehzad, and their team.
He emphasized that complete transparency and accountability must be ensured in the
utilization of FDA’s financial resources and that every proposal should be evaluated
in the context of the authority’s long-term financial stability.
He directed the officers concerned to complete the technical and financial assessment
of the business models under consideration and submit feasible proposals at the earliest
so that funds received could be utilized in a timely and productive manner.
