Islamabad: The federal cabinet is expected to give its approval to the Ministry of Housing & Works to award PKR 5 billion interest-free loan contract to a single bidder under the government’s low-cost housing scheme, a news source reported. The cabinet is likely to provide the approval during its session scheduled for today (Tuesday).
Previously, the Ministry of Housing & Works had approached the cabinet seeking its approval for the loan contract as part of Prime Minister (PM) Imran Khan’s Naya Pakistan Housing Programme (NPHP).
Previously, the federal government had expressed its intention to initiate an interest-free housing loan scheme for the NPHP project. It had initially talked about disbursing a sum of PKR 5 billion for this purpose, but this amount is likely to increase as per need.
The authorities concerned had invited bids for the loan financing. Akhuwat came through as the only microfinance institution and non-governmental organisation (NGO) during the bidding process.
The Public Procurement Regulatory Authority (PPRA) was approached for its opinion on receiving the single bid. Upon receiving the PPRA’s comments, the Ministry of Housing & Works proceeded on the matter.
Akhuwat qualified as the service provider organisation and recently accepted the draft detailing the service agreement.
The final draft, which was mutually agreed upon by the authorities concerned, has been submitted to the cabinet for approval. The cabinet may announce its formal approval of this draft during its session today.
