The contract of I-15 Vertical City would be awarded to a foreign firm within few months, as the Capital Development Authority (CDA) tried to raise Rs 40 billion to make up for its financial losses, official sources told APP.

“The CDA has allotted 200 acres of land for the sector, in which three Chinese and a UAE firm have shown interest,” they elaborated.

“We have no other option but to develop the sector with the help of the private sector. If we had enough resources, the sector would have been developed much earlier,” one of the officials said.

He said the Authority would bear only 40 per cent of the total cost, while the remaining 60 per cent would be borne by the foreign firm.

He said the criterion for the interested firm was that it should have a capacity to finance the project on seven to ten years deferred payment basis.

He said the process to scrutinize firms was in progress and would be completed within a day or two. app