Islamabad: At the Pakistan Housing Conference, World Bank has made available $140 million for the housing finance through Pakistan Mortgage Refinancing Company (PMRC).
PMRC Managing Director Mudassir Kahn said that company is a joint initiative of State Bank Of Pakistan (SBP), government and the WB. It aims to increase finance for low-cost housing. It has been established with an objective to provide mortgage finance through banks, development finance institutions and housing finance companies.
Rs5.20 billion have already been dispersed to three banks and a housing finance company for extending mortgage loans to people.
The agreements were signed in the presence of officials from the World Bank, Askari Commercial Bank, First Woman Bank, Bank Islami, Khushali Microfinance Bank and the House Building Finance Company.