On 11th March 2022 ( Friday ), The World Bank's approved $435 million for three housing and land projects in Pakistan, as per the media reports. Projects that include Punjab Affordable Housing Program, Pakistan Housing Finance, and Punjab Urban Land Systems Enhancement.
As per the report, these three projects will provide low-income households with simple access to housing finance, promote affordable housing construction in the city of Punjab and improve land ownership. In addition, the above-mentioned projects will contribute to meeting the country's housing demand by leveraging the private sector and providing access to mortgage options for those unable to secure the funds to purchase a home.
Read: World Bank Shares Estimate of Tax Potential for Punjab Real Estate Sector
Moreover, $85 million has also been allocated to a Pakistani housing finance project to promote the credit risk-sharing facility introduced in 2018. As per the information, these funds will help 70,000 first-time homebuyers in Pakistan (Eligible Mera Pakistan, Mera Ghar Initiative).
In addition, US$200 million has been allocated to the Punjab Affordable Housing Program to promote affordable housing. The government system will be able to create an environment conducive to attracting private investment in mixed-income housing estates through this initiative.
Besides, $150 million has been allocated to the Punjab Urban Land System Improvement Project. As part of this program, it will help the government improve land registration by creating a digitized, statewide inventory of land and deeds.
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