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 growin