Connect with us

Hi, what are you looking for?

Online Business Success

World Bank approves $345m to finance three projects in Pakistan

404449 030850 updates

The World Bank building in Washington DC. — Reuters/File
The World Bank building in Washington DC. — Reuters/File
  • World Bank aims to expand access to housing finance, particularly for low-income households.
  • Financing will improve land tenure rights and facilitate affordable housing developments in urban Punjab
  • “Affordable and accessible housing is in high demand in Pakistan,”  Country Director for Pakistan says.

The World Bank on Friday approved $435 million in financing for three projects in Pakistan — the Pakistan Housing Finance project, the Punjab Urban Land Systems Enhancement project and the Punjab Affordable Housing Programme.

The board of directors of the World Bank approved financing to expand access to housing finance, particularly for low-income households, improve land tenure rights and facilitate affordable housing developments in urban Punjab.

“Affordable and accessible housing is in high demand in Pakistan, which is home to over 200 million people and is the most urbanised country in South Asia,” said Najy Benhassine, World Bank Country Director for Pakistan.

Read more: World Bank forecasts 3.4% growth for Pakistan in FY22

“These projects will contribute to addressing housing needs, particularly for low-income households, by leveraging the private sector and by facilitating access to mortgage options for those who currently cannot access financing to buy a home. They will also strengthen property rights and increase the supply of climate-resilient, affordable housing developments.”

Pakistan Housing Finance project

According to a statement issued by the global lender, the $85 million additional financing for the Pakistan Housing Finance project will help expand access to affordable mortgages to increase homeownership among low-income households, including women and informal workers.

“The additional financing will scale up the credit risk-sharing facility launched in 2018, to provide partial credit guarantees to banks, to incentivise them to lend to borrowers traditionally excluded from commercial financing,” the statement read.

It said that this will benefit up to 70,000 first-time homebuyers in the country, who qualify for the government’s interest rate subsidy programme — Mera Pakistan, Mera Ghar.

Advertisement. Scroll to continue reading.

Punjab Urban Land Systems Enhancement project

Meanwhile, the $150 million Punjab Urban Land Systems Enhancement project will “strengthen land administration and facilitate housing authorities’ efforts to identify suitable areas and public lands for affordable housing developments in the Punjab province.”

“The project will support the provincial government in upgrading its land registry by creating a digital, province-wide inventory of lands and deeds. This will help secure land tenure and streamline procedures for land-related permits — which are essential for private sector investment, housing finance and tax revenue collection,” the statement read.

Read more: After IMF, World Bank sets four conditions for Pakistan for $350m loan

The World Bank noted that the project will also generate geospatial data and risk information to inform urban planning and disaster risk management strategies for natural hazards such as floods.

More than 38 million people are expected to benefit from land registration, which will not only improve tenure security but also formalise land and property ownership.

Punjab Affordable Housing Programme

Moreover, the $200 million Punjab Affordable Housing Programme will increase the availability of affordable housing, particularly for low-income households in the province.

The international lender said that the programme will enhance government systems to create an enabling environment that attracts private financing for mixed-income housing developments.

“It will also help the government better target subsidies of the Naya Pakistan Housing Programme for low-income households.

“The programme also incentivises the integration of green building principles, climate resilience, accessibility, safety, and mobility of women in housing developments,” it said.

Advertisement. Scroll to continue reading.

The programme will benefit approximately 77,000 households over the next five years, half of which will be low-income families living in urban areas.


Source link

Click to comment

Leave a Reply


Top Stories

Ethereum’s native token, Ether (ETH), gained alongside riskier assets as investors assessed weak U.S. economic data and its potential to cool down rate hike...


We are excited to bring Transform 2022 back in-person July 19 and virtually July 20 – 28. Join AI and data leaders for insightful...

Top Stories

United States Securities and Exchange Commission (SEC) chair Gary Gensler is in talks with Commodity Futures Trading Commission (CFTC) officials on a “memorandum of...

Online Business Success

Business professionals in a meeting presentation discussing company growth getty You’ve got a product the team’s excited about. The group wants to start getting...

Social Media

Are you looking for ways to improve your social media content? Want to add video to your strategy but not sure where to start?...

Top Stories

Sky Mavis, the creator of the play-to-earn game Axie Infinity (AXS), announced that it will reimburse victims of the Ronin bridge hack and reopen...


You May Also Like


Introductions get a lot of attention. I’ve explored the topic of how to write them even though as a reader, I always skip them....

Online Business Success

The internet is now our nervous system. We are constantly streaming and buying and watching and liking, our brains locked into the global information...

SEO Guide

There are all kinds of pictures of the world on the internet, but to find one of these specific pictures that you want to...

Online Business Success

You can think of link building in many ways. I like to call it tedious, painful, and a test of patience. It’s also necessary...