Karachi: The Pakistan Mortgage Refinance Company (PMRC) will provide loans worth PKR 4.8 billion for the Naya Pakistan Housing Programme (NPHP) project, a news source reported.
PMRC signed various agreements to this effect with the House Building Finance Company, Askari Commercial Bank, First Women Bank, Bank Islami, and Khushali Microfinance Bank.
Prime Minister (PM) Imran Khan presided over the ceremony which took place during the Pakistan Housing Conference in Islamabad on Tuesday. World Bank Country Director Illango Patchamuthu was also present at the occasion.
It is pertinent to mention that PMRC provided loans worth PKR 5.2 billion for low-cost housing during the first five months of the current fiscal year (FY2018-19).
The PMRC receives cheaper loans from the World Bank, which has provided funds up to USD 140 million for the provision of affordable housing in Pakistan.