$435 Million Funds for Housing Projects in Pakistan by World Bank
Islamabad: Friday, the World Bank’s Board of Executive Directors approved $435 million for three housing and land projects in Pakistan, according to media reports (March 11). Pakistan Housing Finance, Punjab Affordable Housing Program, and Punjab Urban Land Systems Enhancement are among the initiatives mentioned.
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According to the studies, these three programs will give easy access to housing finance for low-income households, boost affordable housing building in urban Punjab, and strengthen land tenure rights. In addition, the aforementioned projects will assist to addressing the nation’s housing needs by leveraging the private sector and facilitating access to mortgage options for individuals who are unable to get financing for the purchase of a home.
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In addition, an additional USD 85 million has been provided to the Pakistan Housing Finance Project in order to promote the credit risk-sharing facility that was launched in 2018. According to sources, the funding will aid 70,000 Pakistani first-time homebuyers (who are eligible for the Mera Pakistan, Mera Ghar initiative). The Punjab Affordable Housing Programme has been allocated USD 200 million in order to increase the supply of affordable housing. Through this program, the government will be able to foster an atmosphere that encourages private investment in mixed-income housing complexes.
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The Punjab Urban Land Systems Enhancement Project received an additional 150 million dollars. As part of this endeavor, a province-wide digital inventory of lands and deeds will be compiled to assist the government in improving its land registry.
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