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Home > Finance > News
PSDC projects awaiting funds since 2014
Published on 12 Jan, 2017 , by The Nation

ISLAMABAD - The federal government has not allocated funds to Pakistan Stone Development Company (PSDC) since 2014 due to which many projects are still pending in pipeline.

PSDC officials told National Assembly Sub Committee on Industries that Rs300 million are required for different projects. For completion of civil works and operations Rs100 million is required, while Rs13 million for civil works of Machinery Pools and Rs187 million for quarries are needed.

The committee was informed that PC-1 for development of marble and granite sector worth Rs1,980 million was developed and approved by ECENC on September 19, 2007 which was later re-appropriated at Rs2,276.88 million. The initial implementation time of the project was three-year, however, the project could not be completed on time due to delay in release of funds. Officials said, so far, Rs1,831.4 million has been released and Rs1,830.3 million has been utilised. They said funds were not released after 2014-15 and 2015-16, adding that Rs446 million is still not disbursed to the company. They said PC-1 for the project has been extended till November 2017. However, no funding is released by the planning commission for the project for the 2015-16 and 2016-17, they added.

Officials said company has provided machinery to more than 60 private quarry owners on rental basis for promotion of mechanised quarrying and has enhanced its rental income by 112 percent in the last financial years. Marble City Risalpur is developed on total area of 185 acres which comprises total 198 plots of 2, 4 and 8 kanals, they added. They further said major development works has been completed and possession to 34 plot holders has been awarded.

One factory has started its production and 18 units are under construction, they added.

Officials said Marble City FATA is being developed on total area of 300 acres. Major developed work in the first phase over an area of 70 acres has been completed in consultation with Fata Development Authority, they added.

 

 

 

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