Private Firms Urged to Take House Loans for Employees
Friday in Lahore, Governor of the State Bank of Pakistan (SBP) Dr. Reza Baqir recommended private businesses to get loans to construct low-cost housing for their employees, according to press sources (March 11). He stated that the central bank would bear the collateral and lending risk.
Baqir added, during a meeting with the president of the Lahore Chamber of Commerce and Industry (LCCI), Mian Nauman Kabir, that the government is pushing large enterprises to take advantage of low-cost five to ten marla home loans for their staff. This, according to Baqir, will assist the government in achieving its objective of establishing a low-cost housing program and addressing the nation’s housing requirements. During the conversation, Baqir also underlined the significance of the ‘Asian Finance Scheme,’ which provides collateral-free funding to small and medium-sized businesses. Members of the LCCI delegation also urged the governor to adopt trade promotion and export-enabling policies.
To increase trade between Iran and Pakistan, the members also urged that the government establish a framework for export and import currency swaps and a barter system. The SBP has introduced the SAAF program, which enables small enterprises and manufacturing units to access collateral-free loans with reduced interest rates from commercial banks up to PKR 10 million.
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