Construction Industry Booms With Massive Increase in Finance
According to a statement from the State Bank of Pakistan, financing for the housing and construction industries increased dramatically in the fiscal year FY21, rising by 111 billion rupees (75%), to reach 259 billion rupees.
Dr. Reza Baqir-SBP Governor presented the information to the attendees of a meeting of the National Coordination Committee on Housing, Construction & Development (NCCHCD), which was presided over by PM Imran Khan.
The State Bank of Pakistan official said that “almost 97% of the overall objective set by State Bank for June 30, 2021 was met,” adding that an increase of this magnitude in housing and construction finance in just one year is unprecedented in Pakistan’s history.
Nonetheless, the PM highlighted that the banks’ portfolio must show a strong increase in loan expenditures within the next several days, according to the SBP.
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