Karachi: The World Bank has transferred USD 58 million for the government’s low-cost housing project, a news source reported. The Pakistan Mortgage Refinance Company (PMRC) has received the money for its general housing initiative, with another USD 70 million also being in the pipeline.
The PMRC was established in June 2018 to promote the country’s housing sector. Since then, it has disbursed PKR 1.2 billion to banks for this purpose.
The company provides advances to banks at low interest rates. These banks, thereafter, are only allowed to lend this money for housing projects at their own fixed rates. PMRC, in turn, receives loans from the World Bank at significantly reduced rates.
Speaking on the occasion, PMRC CEO Mudassir H. Khan said that the company is negotiating with House Building Finance Corporation for channelling money into low-cost housing projects. The modalities of the venture are currently being finalised.
Khan expects that the USD 58 million sum will be used by the banks concerned within six months.
