News Analysis |
Prime Minister Imran Khan is all set to formally launch the much-anticipated five million housing scheme during the first half of the next month. This was decided during a meeting of the Task Force on Housing chaired by Imran Khan here at the PM Office on Thursday.
The task force apprised the Prime Minister about the progress made so far in formulating a comprehensive plan for planning, execution, and monitoring of the project for the low-income groups as well as the regularisation of slums.
Imran was informed that a comprehensive housing policy framework with a holistic approach and multifaceted initiatives was being developed to create a conducive environment and offering a one-window solution to the local as well as foreign investors. He is keen on implementing the program seeing it part of his strategy to increase growth, provide jobs as well as low-cost housing for the poor.
The award was presented to the National Bank for the highest number of transactions with TFP in Pakistan during the period of July 1, 2017, to June 30, 2018, said a statement.
It was informed that an apex body would be created for the purpose to ensure seamless execution of the project. Lt Gen Moazzam Ajaz gave a detailed presentation on the military’s experience in catering to the housing needs of its personnel. He also offered the army’s expertise and assistance in implementing the project.
The Prime Minister asserted that in order to ensure success and stability, profitable financial models such as that used by Akhuwwat would be utilized alongside the expertise of both the public and the private sectors. He directed the task force to expedite finalization of the plan including the legislative framework for its consideration by the provincial and the federal government.
Alongside the Army, the National Bank of Pakistan has also announced its readiness to support the government’s grand plan to construct five million low-cost housing units over the next five years, as the state-owned bank wants to expand its mortgage portfolio. “NBP is already providing housing loans under Saibaan scheme and will also participate in the Prime Minister’s low-cost housing scheme,” Tariq Jamali, chief executive officer and president of NBP said.
The President NBP informed the media at a meeting that the Prime Minister’s housing scheme would lead to an increase in the demand for housing loans. Mr. Jamali further said the bank is concentrating on strengthening its digital banking business. “We are investing in digital banking to facilitate the customers,” he added. “We want to increase lending to energy and agriculture sectors of the economy.”
Prime Minister Imran Khan is all set to formally launch the much-anticipated five million housing scheme during the first half of the next month.
Jamali highlighted NBP’s controlling of bad loans through its strong expense management strategy. The NBP chief said the bank will invest in government papers as well as provide loans to the private sector to support the economy.
Recently, the NBP won the Asian Development Bank (ADB)’s annual Trade Finance Programme award-2018 for emerging as the leading partner bank of the ADB in Pakistan. The award was presented to the National Bank for the highest number of transactions with TFP in Pakistan during the period of July 1, 2017, to June 30, 2018, said a statement.
Shaikh Tariq Abdullah, Head Financial Institutions, International Banking Group, National Bank of Pakistan received this prestigious award on behalf of the bank in the Trade Finance Programme (TFP) Awards and Partners dinner held in Singapore recently. The NBP also received “Trade Deal of the Year Award” in last year’s ADB TFP Awards.