Islamabad: The Federal Government Employees Housing Authority (FGEHA) signed a Memorandum of Understanding (MoU) with the Askari Bank in a ceremony held at the Ministry of Housing & Works, according to a news report published on December 03.
Ministry of Housing & Works Secretary Dr Imran Zaib presided over the ceremony that was attended by many officials of the ministry and Askari Bank. The MoU has been signed in favour of promoting Prime Minister Imran Khan’s vision to provide affordable housing units to federal government employees.
The FGEHA’s finance wing has solicited proposals from commercial banks with widely publicized advertisements and upon submission, Askari Bank won the contract-owing to their low markup rates and due diligence on the authority’s part. The association of two entities is likely to improve FGEHA’s cash inflows and facilitate the government employees in the purchase of housing units.