Jinnah Convention Centre land sold to interior ministry - Zameen News

Jinnah Convention Centre land sold to interior ministry

July 12, 2019 • news

Islamabad: The Capital Development Authority (CDA) recently sold the land, on which the Jinnah Convention Centre (JCC) is currently situated, to the Ministry of Interior – a news source reported. Following this initiative, the authorities concerned will commence with the privatisation of the said building.

Read: PM briefed on plans to sell Jinnah Convention Centre

On July 5, the civic agency had issued an allotment letter for 7.9 acres of the said land to the ministry against a payment of PKR 1.14 billion.

As per the report, the land will be leased for a period of 33 years – extendable for two subsequent terms of 33 years each (as per the conditions laid down by the development authority).

The convention centre was constructed in 1996 through a bridge-financing agreement – the CDA had initially provided funds for the construction work until it succeeded in securing long-term funding from the government.

Read: Selected commercial properties to be sold to overseas Pakistanis

A cabinet committee has been tasked with finalising necessary arrangements regarding the privatisation of loss-making entities. To facilitate this measure, Prime Minister (PM) Imran Khan had in February constituted a holding company (Sarmaya-e-Pakistan) for at least 195 state-owned enterprises. The PM himself heads the Board of Governors (BoG), which includes three federal ministers and seven experts from the private sector.