Under-construction: Cost of OEC tower rises 500% due to delay in completion

ISLAMABAD: The ten-storey business facility, Employees of the Overseas Employment Corporation (OEC) Tower still needs specific action to ensure speedy completion as persistent delays in its execution has increased the cost by 500 per cent. The project, aimed at strengthening the OEC finances, has been in the doldrums since 2010 due to apathy of previous governments and now OEC' employees have pinned hope in the incumbent government for remedial measures.

A top OEC official stated that the department had signed a Memorandum of Understanding with Employees Old-age Benefits Institution (EOBI) to construct the skyscraper as per a formula based on 30 and 70 shares respectively. Initially, the estimated cost of project was Rs600 million and now the cost had gone up by around Rs3.6 billion, which the OEC will have to return to the EOBI in installments, according to the agreement.  

Published in The Express Tribune, October 6^th, 2018.