World Bank on Friday approved the $435 million project to increase the housing sustainability, and the development for the people of Pakistan. This simply means providing mortgage support to the low-income households in Pakistan and giving them cost-friendly houses. This program is in collaboration with the Pakistan Housing Finance project, the Punjab Urban Land Systems Enhancement project, and the Punjab Affordable Housing Program.
The allotment of this whole program is divided into three sections, according to which all of them will get their respective funds to help the people in their area.
$85m for Mera Pakistan, Mera Ghar program
The Mera Pakistan, Mera Ghar program is supported by Prime Minister Imran Khan and is there to support first-time homeowners. The idea is to give them houses at affordable prices. And in the budget approved by World Bank – $85m of it will be given to this program, which will in turn help around 70,000 households.
$150 million for Punjab Urban Land Systems Enhancement Project
Out of the total funds, $150m will be spent on the Punjab Urban Land Systems Enhancement project, which will help 38 million people of Pakistan. The idea is to of course provide the people with affordable households but at the same time, also make land access across the province digital and help the local bodies of the provincial government.
$200m For Affordable Housing In Punjab
The $200m allotted to affordable housing in Punjab will be helping around 77,000 households. This program will attract private housing for the mixed-income housing developments.
All in all, World Bank approving the budget for affordable housing in Pakistan is something that will help millions of people all over Pakistan. In his interview, the World Bank Country Director for Pakistan Najy Benhassine, said, “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.”
Benhassine added, ’’These projects will contribute to addressing housing needs 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.’’
This will help the lower-middle-class families of Pakistan to get one step closer to having their own homes, and building a life for themselves that they have always dreamed of.