ISLAMABAD: Capital Development Authority (CDA) has decided to float Municipal Bonds (MB) to meet its development and non-development expenses.
CDA has completed paper work to seek permission from federal government to generate money through floating MB against its commercial property and assets.
According to media reports CDA will obtain loans through MB, Sukkuk, property leasing and other sources. Some sections of clause 16 of CDA ordinance 1960 are required to be amended on this count. CDA is planning to introduce amendments in these sections. CDA is all set to incorporate a new clause 16-c to achieve the objective.
One CDA officer on the condition of anonymity said that it is premature to say any thinghow much money would be obtained on loan through floating bonds and what would be the characteristics of this amendment.
