ISLAMABAD – Low Income Housing Scheme gets a big international offer,contract signed worth billions.
The Pakistan Mortgage Refinance Company (PMRC) has signed agreements andmemoranda of understanding (MoUs) worth Rs. 4.8 billion for low-incomehouse financing.
The agreements were signed in a ceremony with House Building FinanceCompany, First Woman Bank, Askari Commercial Bank, Bank Islami, andKhushali Microfinance Bank. Prime Minister Imran Khan and officials of theWorld Bank Group were also present at the event.
Addressing the conference, the prime minister admitted that provision offive million houses in five years is an ambitious target given the lack ofproper infrastructure and inefficient foreclosure laws. Because of whichbanks are hesitant to give mortgage loans.——————————
“However, the government is fully determined to meeting the existing demandof 10 million houses in the country for which it is working closely withState Bank of Pakistan and World Bank so as to resolve implementationchallenges,” said the premier.
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World Bank Country Director Illango Patchamuthu said that it takes around25 years for an individual in Pakistan to own a house while the said periodis five years in the international market.
He told the audience that the World Bank has provided $140 million forfinancing low-income housing through PMRC. Director and CEO of PMRC,Mudassir H Khan, told that PMRC is a joint initiative of government, StateBank of Pakistan (SBP), and the World Bank Group.
