4,714 construction projects approved in Punjab since July: PM told

ISLAMABAD: Prime Minister Imran Khan Thursday chaired the weekly meeting of National Coordination Committee on Housing, Construction and Development, wherein he was told that since July this year, around 4,714 construction projects have been approved in Punjab province.

Moreover, the province has also witnessed a historic increase in cement sale by 5.73 million tons during October this year.

The representatives of Association of Builders and Developers (ABAD) told the meeting that 74 development projects worth Rs. 28 billion had been approved in Sindh.

The launch of the said projects would generate economic activity of around Rs. 55 billion in the allied sectors.

It was told that the cement and steel sale had increased by 17 percent and 19 percent respectively during last one year starting September 2019.

The ABAD lauded the government’s efforts to ease the approval processes for the construction sector and also put forward their proposals.

State Bank Governor Raza Baqir informed the meeting that the private banks had been directed to impart training to their respective staffers to facilitate the loan applicants.

Moreover, the central bank would continue monitoring the standards of the facilities for disbursement of the loan, he added.

During the meeting, the prime minister directed for further easing the process for projects’ approval to facilitate the investors.

He also instructed for action against the officers responsible for unnecessarily delaying the approval process.

He also issued instructions to the departments concerned on the proposals presented by the ABAD and sought progress report by next week.