Karachi: The Pakistan Banks Association (PBA) on Monday announced that it would support the country’s housing and construction sector; further stating that it would introduce several housing and construction finance measures, a news source reported.
PBA stated that it believed that the country’s housing and construction finance sector was a significant contributor to overall economy, given its connection to many avenues of economic development. However, experts highlighted that currently, this type of finance stood quite low in Pakistan – making only 1% of the GDP.
PBA officials said that that association believed this was a good time for its member banks to capitalise on housing and construction sector for growth in future lending on a secured basis with reasonable spreads. The association has announced its full support for the sector and encouraged the member banks to pursue it as a sound business proposition.
In a statement, PBA also appreciated the positive steps taken by the incumbent government and the State Bank of Pakistan (SBP) for enabling finance measures for housing and construction in the country.
