Mark-up subsidy scheme: Over 8,000 applications received, Baqir tells PM

ISLAMABAD: Prime Minister Imran Khan was informed by the governor State Bank of Pakistan (SBP) that within few weeks over 8,000 applications have been received in mark-up subsidy scheme and 1,820 out of them have been approved with an outlay of Rs5 billion, while pending applications are being processed expeditiously.

Prime Minister Imran Khan was given briefing while chairing a weekly meeting of the National Coordination Committee (NCC) on Housing, Construction and Development on Thursday.

The meeting reviewed progress on construction activities underway across the country and progress regarding provision of loans by the banks to builders, developers, and especially the low-income groups.

The senior minister Punjab informed the prime minister with regard to response of builders and developers about proactive role being played by the banks in extending loan facility for the development and construction activities. The meeting was informed that for the first time in the history of the country, a standard application form was being used by all banks for extending credit facility to the low-income groups.

This has been made possible by efforts of the State Bank and cooperation extended by commercial banks of the country.

The Secretary Housing informed the prime minister that a memorandum of understanding (MoU) has been signed with two banks through which loans with no ceiling limit would be provided for construction and purchase of new houses to the segments which are not covered under the government’s mark-up scheme.

The prime minister expressed satisfaction over the cooperation being extended by commercial banks towards promoting construction activities and directed the governor State Bank and the chairman Naya Pakistan Housing and Development Authority to continuously follow the process of access to easy loans by low-income groups and remove all difficulties on priority basis.

Earlier, the prime minister also chaired a meeting to review progress on Ravi Urban Development project and the Central Business District in Lahore.

The prime minister was informed that five investors have submitted Request for Proposals during recently held investors’ conference.

Two more investors have also shown their interest towards the project.

The prime minister was also briefed about the progress into priority areas of the project.

The prime minister observed that Ravi Urban Development Project would address issues of the provincial capital and will serve to promote massive economic activities in the area.

Copyright Business Recorder, 2021