KARACHI: The State Bank of Pakistan (SBP) announced its support to promote housing finance in the first meeting of the Steering Committee on Housing and Construction Finance, in order to spur economic growth in Pakistan.
The committee meeting presided by State Bank of Pakistan (SBP) Governor Dr Reza Baqir, deliberated on the execution of sustainable market-led financing of housing projects and mortgages, and how to boost the housing finance in Pakistan.
In order to manage matters, the committee has formed sub-committees that will handle different fronts including developer finance, end-user housing finance, use of technology, development of the capital market and the long-term yield curve, risk mitigation mechanism and removal of legal and regulatory hurdles to housing finance.
In addition, two initial pilot projects were discussed, one related to the government land model and the other on private sector builders’ model.
The officials of banking in attendance expressed their eagerness to promote the financing of identified projects by participating in the initiative with the SBP and the Naya Pakistan Housing and Development Authority (NAPHDA).
The banks participating have been directed to hold meetings with NAPHDA on financing for the government land model and developer finance during the current week, and will submit reports in the next weekly meeting of the steering committee.
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