ISLAMABAD: The Punjab government has proposed to set up an ‘affordable housing project’ and sought support from the World Bank to develop a comprehensive provincial housing policy and strategy aimed at improving access to housing for low-income groups.
The bank will evaluate the project once the Covid-19 pandemic is controlled and the situation becomes normal. The cost of the project has been estimated at $350 million, while the International Development Association of the World Bank group will provide $300m financing.
The proposed project will provide deeper support to the Punjab government on its affordable housing agenda. Specifically, the project will help develop a comprehensive provincial housing policy and strategy, based on a clear understanding of supply and demand constraints. It will identify entry points to enable the market for affordable housing and build technical and financial capacity to sustainably scale up solutions over time.
The proposed solutions will address barriers on the supply and demand side of the housing value chain. Solutions developed through the proposed project in Punjab may serve as models for other provinces to be replicated across Pakistan.