ISLAMABAD: The World Bank has approved $435 million for Pakistan to promote access to affordable housing and mortgage finance for low-income households improve the property rights.
The Board of the executive directors of the World Bank has approved of this financing in Washington.
The WB loan will be utilised for three projects: Pakistan Housing Finance project, the Punjab Urban Land Systems Enhancement project and the Punjab Affordable Housing Program. The financing will enable low-income families to own a house. It will also help improve land tenure rights.
$85m for Mera Pakistan, Mera Ghar
The bank said that $85 million will be spent to “expand access to affordable mortgages to increase homeownership among low-income households” through prime minister’s Mera Pakistan, Mera Ghar Housing Scheme. This will benefit up to 70,000 first-time homebuyers. The financing will scale up the credit risk-sharing facility launched in 2018.
$150 million for Punjab Urban Land Systems Enhancement Project
$150 million will be spent on the Punjab Urban Land Systems Enhancement Project. It will not only strengthen land administration and identify areas suitable for low affordable housing schemes but also help provincial government making land registration across the province digital. The project will benefit around 38 million people.
