The World Bank’s (WB) approved $435 million in financing for three projects in Pakistan which would expand access to housing finance, particularly for low-income households, improve land tenure rights and facilitate affordable housing developments in urban Punjab.
The three projects, approved by WB’s Board of Executive Directors included Pakistan Housing Finance, Punjab Urban Land Systems Enhancement and Punjab Affordable Housing Program, according to a WB’s press release.
“Affordable and accessible housing is in high-demand in Pakistan, which is home to over 200 million people and is the most urbanized country in South Asia,” World Bank Country Director for Pakistan, Najy Benhassine, said.
“These projects will contribute to addressing housing needs, particularly for low-income households, by leveraging the private sector and by facilitating access to mortgage options for those who currently cannot access financing to buy a home.
They will also strengthen property rights and increase the supply of climate-resilient, affordable housing developments”, he added.
WB has approved US $85 million additional financing for Pakistan Housing Finance Project which would help to expand access to affordable mortgages to increase homeownership among low-income households, including women and informal workers.
