Resolution of construction sector's issues: PM directs Telecommunication & Nepra to work with SBP

ISLAMABAD: Prime Minister Imran Khan has directed the Pakistan Telecommun-ication and National Electric Power Regulatory Authority (Nepra) to work with the State Bank of Pakistan (SBP) for resolution of issues related to construction sector as increased activity in the construction sector would lead to growth in the economy.

The prime minister was chairing weekly meeting of the National Coordination Committee on Housing and Construction Sector on Friday.

Earlier, the prime minister was given briefing by the SBP governor that banks are making easy access to loans for construction of houses under the Naya Pakistan Housing Scheme.

The meeting was informed that special desks have been established in 50 percent banks' branches in all the districts for provision of construction loans.

Bank Al Habib informed the meeting that so far Rs6 billion have been approved for the construction sector.

The chief secretary Punjab briefed the meeting that applications for construction work on 44 million square feet have been received from all over the province, and approval for construction on 20 million square feet has been given.

He said commencement of construction work on 44 million square feet in Punjab will start Rs1 trillion economic activities.

The meeting was informed that the consumption of cement and steel bars was increasing due to growth in construction activities.

The chief secretary Khyber-Pakhtunkhwa informed the meeting that so far applications for construction on six million square feet have been received, and after the approval, economic activities of Rs100 billion will be started.

The prime minister directed the Punjab government to approve applications for construction as per prevailing laws as soon as possible.

Copyright Business Recorder, 2020