Karachi: The International Finance Corporation (IFC) has invested USD 3.2 million (nearly PKR 500 million) in the Pakistan Mortgage Refinance Company (PMRC) for facilitating affordable developments under the Naya Pakistan Housing Programme (NPHP) in Balochistan and Khyber Pakhtunkhwa (KP) – according to a news report published today (July 3). The World Bank (WB) also plans to provide a credit line of USD 500 million to Pakistan for the said project.
The credit line by the WB was to be established during the ongoing year but plans have been delayed due to the prevailing coronavirus situation in the country. However, it will now be provided by June 2021.
Moreover, the PMRC provides housing finance for affordable housing at low mark-up with loans up to a period of 25 years to the banks – which in turn may provide it to the public with some additional mark-up.
Reportedly, this will be a second collaboration between the WB and the PMRC. Previously, the international lender had established a credit line of USD 140 million for PMRC finance.