The Honorable Federal Minister for Economic Affairs, Sardar Ayaz Sadiq witnessed the signing ceremony of agreements of “Pakistan Housing Finance Project” worth US$ 85 million with the World Bank at Ministry of Economic Affairs Islamabad.
Mr. Mian Asad Hayaud Din, Secretary, Ministry of Economic Affairs Pakistan and Mr. Gailius J. Draugelis, Acting Country Director, World Bank signed the Financing Agreement while representative of Pakistan Mortgage Refinance Company (PMRC) signed the Project Agreement. The Acting Country Director, Mr. Gailius, ensured the World Bank’s continuous financial and technical assistance to Government of Pakistan to help promote inclusive and sustainable economic growth in Pakistan.
While witnessing the signing ceremony, Minister for Economic Affairs, reiterated the parameters of valued partnership with the World Bank. He also stated that today’s event reflects continued confidence by the World Bank on the Government’s policy and programs. He particularly announced that the primary beneficiaries of this project will be low- and middle-income households in Pakistan reliant on informal incomes.
Pakistan Housing Finance Project is aimed at supporting the ongoing efforts of Government of Pakistan in increasing access to housing finance for households and support capital market development in Pakistan. This additional financing will fund the initial capitalization of sub-trust of the Risk Sharing Facility created under the parent project of US$ 140 million being executed by Pakistan Mortgage Refinance Company. The project will enable the Primary Mortgage Lenders (PMLs) to move from the very upper end of the households in the 5th quintile to lower quintile income groups. Therefore, financial sector at large will also benefit greatly as the project will help deepening the primary mortgage market, in addition to supporting the development of capital market.
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