LAHORE: World Bank Country Director for Pakistan Alangopicho Moto has said that the World Bank is providing assistance in developing the housing sector in Pakistan. The cooperation and assistance of the International Finance Corporation will help in providing long-term housing loans in Khyber Pakhtunkhwa, the former FATA and Baluchistan.
In a message on social networking site Twitter, he said that the World Bank Group’s institution, International Finance Corporation, would invest 500 500 million in Pakistan Mortgage Refinance Scheme Limited in Pakistan.
The Country Director further said that the purpose of this investment is to expedite the process of providing reasonable and easy loans for construction of houses in Pakistan. The population of cities and towns in Pakistan is projected to double between 2030 and 2040 and the provision of adequate housing for the population is a major challenge.
Speaking on the occasion, Alangopicho Moto said that there is a shortage of 10 million houses in Pakistan at present, which is increasing by 700,000 units per annum. Much less than other countries
He added that the average home loan rate in South Asia is 3.4%. The assistance and support of the International Finance Corporation will help provide long-term loans for housing in Khyber Pakhtunkhwa, the former FATA and Baluchistan.