Friday, May 31, 2024

World Bank Approves $435 Million for Affordable Housing Projects in Pakistan

According to the official sources, the World Bank has recently approved a $435 million package to help low-income Pakistanis increase access to convenient and reasonable housing and mortgage finance.

The package was approved by the board of executive directors of the US-based commercial lender. This package will provide funds to the Pakistan Housing Finance Project, the Punjab Urban Land Systems Enhancement Project, and the Punjab Affordable Housing Program.

World Bank Country Director for Pakistan Najy Benhassine stated, “Affordable and accessible housing is in huge demand in Pakistan, which is home to more than 200 million people and is the most urbanized country in South Asia.”

Moreover, the objective of this step is to support the low-income households, and provide them the opportunity to own a residence; at the same time, also helping to improve their land tenure rights.

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