The World Bank has approved $435 million in financing for three projects in Pakistan. The projects include the Pakistan Housing Finance project, the Punjab Urban Land Systems Enhancement project and the Punjab Affordable Housing Programme.
The board of directors of the World Bank approved financing to expand access to housing finance, particularly for low-income households, improve land tenure rights and facilitate affordable housing developments in urban Punjab.
“Affordable and accessible housing is in high demand in Pakistan, which is home to over 200 million people and is the most urbanised country in South Asia,” said Najy Benhassine, World Bank Country Director for Pakistan.
According to a statement issued by the global lender, the $85 million additional financing for the Pakistan Housing Finance project will help expand access to affordable mortgages to increase homeownership among low-income households, including women and informal workers.
It said that this will benefit up to 70,000 first-time homebuyers in the country, who qualify for the government’s interest rate subsidy programme — Mera Pakistan, Mera Ghar.
Meanwhile, the $150 million Punjab Urban Land Systems Enhancement project will "strengthen land administration and facilitate housing authorities’ efforts to identify suitable areas and public lands for affordable housing developments in the Punjab province.”
More than 38 million people are expected to benefit from land registration, which will not only improve tenure security but also formalise land and property ownership.
Moreover, the $200 million Punjab Affordable Housing Programme will increase the availability of affordable housing, particularly for low-income households in the province.
The programme will benefit approximately 77,000 households over the next five years, half of which will be low-income families living in urban areas.
