BoP & PMRC ink agreement for affordable housing finance
National
December 16, 2020
LAHORE: The Bank of Punjab and Pakistan Mortgage Refinance Company (PMRC) join hands for providing and promoting affordable housing finance in the country by signing a Credit Guarantee Agreement with Credit Guarantee Trust for low-cost housing, set up by the government with PMRC as trustee. The BoP has become the first bank in Pakistan which has signed a master credit guarantee agreement to avail risk cover for low-income housing finance. BoP has also partnered with PMRC and obtained a refinancing facility. These initiatives will help the bank to partially alleviate the credit risk entailed and provide affordable mortgage facilities to the low-income persons particularly those in the informal sector. The government is committed to providing affordable housing finance to its citizens for economic and social development. BoP President Zafar Masud said, “Housing sector is a niche for us as a growing bank”. “We believe in housing finance as a team and are wholeheartedly committed to this cause by providing low-cost housing facility to Pakistanis”, he added. This will in turn help the country in achieving its low-cost housing targets and shall also contribute to economic growth. Mudassir H. Khan, MD & CEO, PMRC said “it is indeed a proud moment for both the institutions, as we recognise the importance of mutual coordination between the financial institutions for the growth of affordable housing in the country”. Presiding the ceremony, chairman (NAPHDA) Lt-Gen Anwar Ali Hyder (retd) praised the efforts of PMRC and BoP for this ground-breaking event and said this endeavour is not only a step forward in making reality the dream of many low-income earner in owning a house but also example of turning visions into practicality. SBP’s Deputy Governor Ms Sima Kamil and Namoos Zaheer, Sr Specialist, the World Bank, also witnessed the ceremony online and congratulated both the institutions.