KARACHI: “Housing finance has seen little progress over time and is still underdeveloped in Pakistan,” said State Bank of Pakistan (SBP) Governor Dr Reza Baqir, in a meeting of the Naya Pakistan Housing and Development Authority (NAPHDA).
NAPHDA Chairman Lt General Anwar Ali Haider and relevant officials, including members of a think tank attended the meeting presided by Dr Reza Baqir to discuss the measures under the NAPHDA and identify sustainable market-led financing of housing projects and mortgages.
He further added that to stimulate overall economic growth, it is vital to spur activity in the construction and housing sectors, which will help in overcoming the economic repercussions of COVID-19 and generate employment.
In this regard, Dr Baqir urged the banks to cater to the financing needs of the sector by offering a commercially viable and long-term business proposition for banks.
While giving a presentation on key features of the Naya Pakistan Housing Programme to those in attendance, the NAPHDA Chairman highlighted a development model to successfully implement the initiative.
Moreover, a financial model was introduced in the meeting by a member of the government’s think tank Mr Shaukat Tarin. His presentation briefed on the incentives presented by the government, and how it will make financing for developers and mortgages commercially attractive for banks.
Presidents of various banks present on the occasion also expressed eagerness to participate in the initiative, while appreciating the efforts under the Naya Pakistan Housing Programme.
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