• publish: 4 November 2015
  • time: 5:51 pm
  • category: Economy
  • No: 2024
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A modern city worth $900.00 mln to be built in Kabul

The foundation stone of a modern city, named as “Smart City”, was laid during a ceremony in capital Kabul on Wednesday.

Smart City is being constructed by private companies on 68 Jeribs of land on Sarak-e-Chehal Metra of Kabul airport. The initial investment of the city is $95 million but its revolving capital is $900 million.

An agreement has been inked between the construction companies and the Ministry of Urban Development Affairs and Housing (MUDA) based on which $50 would go to government’s treasury for every cubic meter land of the city.

MUDA Minister Sayed Sadat Mansour Naderi said in the ceremony that a total of about $75 million would be given to government for the land.

“Including tax and other services, government receives approximately $100 million from this project,” he said. “About 2,500 people will also find jobs through this project.”

Naderi added that besides a number of countries, private companies have also shown willingness to invest in urban development and housing projects in the country and that Smart City is the first step taken by the private sector in this regard.

President Mohammad Ashraf Ghani’s special advisor on reforms and good governance Ahmadzia Masoud who also took part in the ceremony said that Smart City is a major step towards the economic growth of the country.

This is first time the Ministry of Urban Development Affairs and Housing is securing such a huge income for government through private sector, he added.

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