Govt to support over 40 construction industries

ISLAMABAD: In a bid to kick-start the economy, the government has asked the investors to benefit from the announced relief package for over 40 construction sector related industries that will last until Dec 31.

Federal Minister for Information and Broadcasting Senator Shibli Faraz and Chairman Naya Pakistan Housing Authority Lieutenant General (R) Anwar Ali Hyder participated in a joint press conference held.

The government has been working to remove the hindrances for the construction industry.

Along with reviving the industry, the package was aimed at generating employment and helping out the underprivileged groups of the society, stressed the Federal Minister for Information and Broadcasting.

Speaking on the occasion, Chairman NPHA Lieutenant General (R) Anwar Ali Hyder said that the source of income will not be asked of the investor investing in the sector.

A national-level committee headed by Gen Haider has been formed by the government that will operate on the similar pattern as of the National Command and Operations Centre (NCOC). The committee has been tasked to overlook the issues of the construction industry, and further promote the industry, the minister further added.

The banks have been directed by the Prime Minister to facilitate families by approving home loans at a subsidized interest rate. The interest of five-marla houses has been set at 5%, whereas a 7% interest rate for ten-marla houses.

To construct 100,000 houses in the first phase, the government had directed the banks to lend Rs330 billion to the industry.

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