ISLAMABAD - Finance Minister Ishaq Dar here on Thursday chaired a meeting on matters related to development of a new residential sector in Islamabad for Overseas Pakistanis.

The development of the sector was announced during Finance Minister's budget speech in the National Assembly.

Minister for CADD Tariq Fazal Chaudhry, Secretary CADD, Secretary Finance, Mayor of Islamabad, and other senior officials of relevant departments participated in the meeting.

The meeting was given a detailed presentation on CDA’s plan for development of the new sector including its key features and the proposed site for the same. The sector would include all modern facilities such as state of the art shopping mall, commercial boulevard, modern hospital, educational institutions, play land, a theme park and sports facilities with proper back up for electricity. The meeting was informed that land for the sector has already been acquired and CDA intends to hire services of reputed firms for detailed design/ town planning for the new sector. The project's investment potential was estimated at well over Rs.100 billion.

The finance minister said that the government had included the provision for development of the sector for overseas Pakistanis in the budget 2017-18. He said that Pakistani diaspora was keen to invest in Pakistan and the government was keen to provide them opportunities for safe and profitable investment in different areas. He directed CDA to undertake planning and development work for the sector on fast track basis. He said government would fully support CDA for developing this sector in accordance with international standards. He said that the growing housing needs of Islamabad would also be catered for through development of new sectors.

The minister for CADD said that they were highly encouraged by the interest evinced by the Finance Minister and his support for the project. It  was an important initiative and would be implemented at a fast pace. Mayor Islamabad thanked the Minister for his support and assured him that the project would be implemented at a fast pace.