Firm invested in Asia’s re-development without initially arranging capital (7)

I believe the answer is:

nicosia

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'capital' is the definition.
(capital of Cyprus)

I don't understand the remainder of the clue.

(Other definitions for nicosia that I've seen before include "Divided Cypriot capital" , "capital city" , "It's capital in Cyprus (7)" , "Mediterranean city" , "Casino I visit in Cyprus" .)

I've seen this clue in The Hindu.

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