Karachi: State Bank of Pakistan (SBP) Governor Reza Baqir called a meeting to deliberate on the measures proposed by the Naya Pakistan Housing and Development Authority (NPHDA) and to identify the means for ensuring sustainable market-led financing for the initiative’s residential developments and their mortgages.
The meeting was chaired by Reza Baqir and NAPHDA Chairman Lt General Anwar Ali Haider, and members of the government-constituted think tank, and representatives of the major commercial banks.
The governor praised the authority for its potential contribution in bridging the gap in housing units’ availability – which will lead to progressive economic activity in the country. He also encouraged the bank officials present to perceive the housing and construction finances as an opportunity to expand their operations.
The NPHDA chairman briefed the meeting on the Naya Pakistan Housing Programme’s (NPHP) key features and the underlying development model for the initiative’s implementation. In response, the banks’ representatives expressed willingness to support the project and also gave suggestions.
Furthermore, it was decided that the NAPHDA, the banks, and the SBP would join efforts to prepare an overall roadmap and an implementation strategy – with the assistance of the relevant sub-committees of the Pakistan Banks Association (PBA).