Graana News

Pakistan, World Bank sign $85mn housing finance project

ISLAMABAD: The government on Wednesday signed a housing finance project worth $85 million with the World Bank. The project aims to provide low-income households with affordable mortgages to increase home ownership.

invest with imarat

Islamabad’s emerging city centre

Learn More

The Federal Minister for Economic Affairs Sardar Ayaz Sadiq oversaw the signing ceremony of the housing finance agreement at the Ministry of Economic Affairs Islamabad.

Ministry of Economic Affairs Secretary Mian Asad Hayaud Din and World Bank Acting Country Director Gailius J. Draugelis inked the financial agreement, while a representative from the Pakistan Mortgage Refinance Company (PMRC) signed the project agreement.

The Federal Minister stated that this event reflects the World Bank’s continued confidence in the government’s economic policies. He also added that the main beneficiaries of the program will be lower- and middle-income groups that depend on daily wages and inconsistent incomes.

Draugelis assured the World Bank’s continuous assistance to the government to enable sustainable and inclusive growth in the country.

The project will allow Primary Mortgage Lenders (PML) to shift from the upper end of the 5th quintile to lower quintile groups.

Overall, the financial market will also greatly benefit from the agreement as it will help widen the mortgage market, along with supporting the development of the capital market.

Ahmed Rehan

An editor and writer at Graana.com, Ahmed Rehan Nasir has a passion for creating engaging and informative content. With years of experience in the industry, Rehan has honed his writing skills and developed a deep understanding of SEO practices, crafting content that resonates with diverse audiences.

Recent Posts

Exploring Kalabagh: The Historic City in Mianwali District

Kalabagh, a small yet historically significant town in Pakistan’s Punjab province, is located within the…

21 hours ago

Nazimabad Number 2: A Well-Known Residential Area in Karachi

Nazimabad Number 2 is a well-known neighbourhood in Karachi, Pakistan, renowned for its vibrant community,…

2 days ago

A Guide to Quetta Town in Karachi

Quetta Town is a residential neighbourhood located in the vibrant city of Karachi, Pakistan. Known…

3 days ago

Akbar Chowk Lahore: A Focal Point of Connectivity

Akbar Chowk in Lahore stands as one of the city’s most critical intersections, serving as…

4 days ago

A Guide to Khuda Baksh Colony Lahore

Khuda Baksh Colony, located near Bhatta Chowk in Lahore, is a rapidly developing residential area…

5 days ago

Gol Market Karachi: A Vibrant Commercial Hub

Gol Market in Karachi is one of the city's most iconic and bustling commercial centres.…

2 weeks ago