The Bank of Khyber signed an agreement with Pakistan Mortgage Refinance Company Ltd. The Signing Ceremony was witnessed by Taimur Saleem Khan Jhagra, Minister for Finance KP; Shakeel Qadir Khan, Secretary Finance KP; representatives from PMRC and top management officials of BOK.
Talking on occasion Finance Minister said that “Provision of Homes for every citizen of Pakistan is the top most priority of this Government, Provision of House finance facilities is a way towards the goal while in Pakistan the house financing to GDP ratio currently is one of the lowest in the world. Unless we effectively promote house financing by using our existing financial institutions and provide a proper environment for specialized housing finance institutions, the short fall will continue,” while witnessing inking master Refinance agreement between BOK & PMRC.
N. Kokula Rupan, the CEO of PMRC, said that the creation of PMRC marks an important milestone in the government’s objective to improve access to housing finance, particularly to middle- and low income groups who are in dire need of access to long-term housing finance with stable and fixed rates not subject to the vagaries of interest rate fluctuations. The country faces shortage of around 10 million houses and the demand is still growing at the rate of 400,000 to 700,000 houses per year mainly in the middle and low income segments.
More than 40 industries and 70 percent of the unskilled labor force are attached with the housing and construction sectors. Keeping in view the socio-economic benefits of housing and construction sectors, SBP has undertaken housing finance as a priority lending area.
While highlighting growing demand of housing units in Pakistan in the backdrop of rapidly growing population and escalated real estate prices, MD BOK reassured BOK’s commitment towards meeting an unmet demand of low cost and affordable housing in the country as part of the Naya Pakistan Housing Scheme.
Shahbaz Jameel acting MD BOK thanked Mr. Taimur Saleem Khan Jhagra, Minister for Finance Govt of KP and Mr. Shakeel Qadir Khan, Secretary Finance Govt of KP for their continuous guidance and support shown for the growth of the bank.