ISLAMABAD - Low Income Housing Programme gets first international contract worth millions of dollars in Pakistan.
In a ceremony held at the Pakistan Housing Conference, the Pakistan Mortgage Refinance Company Limited, in the presence of Prime Minister Imran Khan and officials of the World Bank Group, signed agreements and memorandums of understanding worth Rs4.8 billion for low-income house financing.
These were signed with House Building Finance Company, Askari Commercial Bank, First Woman Bank, BankIslami and Khushali Microfinance Bank.
During the conference, the prime minister told the audience that providing five million houses in five years is indeed an ambitious target keeping in view the lack of necessary infrastructure and inefficient foreclosure laws due to which banks are reluctant to provide mortgage loans.
“However, the government is fully determined to meeting the existing demand of 10 million houses in the country for which it is working closely with State Bank of Pakistan and World Bank so as to resolve implementation challenges,” he added.
World Bank Country Director Illango Patchamuthu said on the occasion that in Pakistan, it took around 25 years for an individual to own a house compared with five years in the international market.
He further said that the World Bank had made available $140 million for house financing through PMRC. He lauded the performance of PMRC and assured of further facilitation to meet the increasing demand.