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.
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.
Islamabad: The chairman of the Capital Development Authority (CDA) and Chief Commissioner Islamabad, Muhammad Ali…
Peshawar: The Khyber Pakhtunkhwa government is exploring plans to construct a 31-kilometre outer ring road…
Islamabad: The National Highway Authority (NHA) has spent more than half of its development budget…
Karachi: A high-level meeting chaired by Sindh Minister for Local Government Syed Nasir Hussain Shah…
Riyadh: Saudi Real Estate Co. (Al Akaria) has signed a long-term lease agreement with Amsa…
Rawalpindi: The divisional administration has begun acquiring land for the Rs5 billion Thalian Interchange, a…
Welcome to Graana Blog - Pakistan’s Smartest Property Portal!
For more than a decade our intention has been to revolutionise the real estate industry in Pakistan. The same belief drove the vision of our real estate team, Graana where quality beats quantity.
We have introduced an extremely transparent and purposeful portal where we will help you buy, rent or sell your property. A place where you can sit back relax and let us market your projects and listings. We believe we have set new standards for the future of real estate in Pakistan by providing the smartest property portal.
