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Bank of Punjab, Reall UK sign MoU for promotion of low cost housing in Pakistan

03:01 PM | 18 Jan, 2021
Bank of Punjab, Reall UK sign MoU for promotion of low cost housing in Pakistan

LAHORE - With a housing backlog of 9 million homes and an annual housing shortfall of 270,000 homes, the need in Pakistan is huge. Besides the shortage of available housing, inflation and the rising trend in prices make home ownership even further out of reach for the average Pakistani each year.

Housing finance in Pakistan is notably underdeveloped, only 1,500 new mortgages are extended annually, and the large majority of these are offered to borrowers living on middle and higher incomes.

 Promotion of Low Cost Housing is a key pillar of the Bank of Punjab’s strategy and mission. As part of its mission to promote and provide low cost housing in Pakistan, the Bank of Punjab and Reall Limited, UK have signed a Memorandum of Understanding. The MoU was signed by Mr. Patrick Domingos-Tembawa, Director of Operations and Investment, Reall Limited and Mr. Asif Riaz, Group Head Retail & Priority Sectors Lending, the Bank of Punjab.

 Reall are innovators and investors in affordable housing funded by the UK Aid and Swedish International Development Agency (SIDA) and work with local developers in Asia and Africa to create scalable low cost sustainable housing projects. Reall has been operating in Pakistan since 1992 but since 2014, has invested around £20million in the Pakistan affordable housing sector. Through Ansaar Management Company (AMC) headed by Jawad Aslam, Reall has financed housing projects in Faisalabad, Lahore, Multan and Peshawar and Reallis now investing in two additional new partners. EPL, a Lahore-based firm headed by Raza Khan delivering mid-rise high-quality affordable housing and ModulusTech, a Karachi-based green build-tech start-up headed by Nabeel Siddiqui

 Under this MoU, the Bank of Punjab has joined hands with Reall to finance builders and developers of low cost housing projects for speeding up and scaling the supply of affordable homes in the country. 

 The Bank will also provide loans to the prospective low income buyers of these housing units at subsidized rates under the State Bank of Pakistan’s Mark-up Subsidy Scheme for Low Cost Housing as part of the Government’s agenda to promote the Housing & Construction Industry and provide affordable living to the masses.

 Mr. Zafar Masud, President & CEO of BOP said on the occasion that this alliance will go a long way in promoting the efforts of SBP and NAPHDA/GoP in extending mortgage financing for low cost housing to the much needed borrowers in the informal sector.  This collaboration will not only help in achieving the affordable housing inventory requirement but also gaining the expertise in this sector from the best in the world.

Reall’s Head of Operations, Ms Emma Ahmed, stated in response that it is a great privilege for Reall to work with the Bank of Punjab to develop the affordable housing ecosystem in Pakistan. Together we will prove the viability of lending to the informal sector, and deliver sustainable affordable housing at scale in a way that is deeply impactful and genuinely commercially viable. This will transform the affordable housing market for the better in Pakistan, while setting out a blueprint for other markets across the globe. Together, we can unlock a huge untapped market opportunity for the private sector and improve the life chances of millions of people on low incomes.

Daily Pakistan Global Web Desk

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Currency Rates in Pakistan Today - Pakistani rupee to US Dollar, Euro, Pound, Dirham, and Riyal - 17 April 2024

Pakistani currency saw minor adjustment against global currencies on April 17, 2024. US dollar was being quoted at 277.4 for buying and 280.4 for selling.

Euro comes down to 293.15 for buying and 296.1 for selling while British Pound stands at 344.25 for buying, and 347.6 for selling.

UAE Dirham AED was at 75.4 and Saudi Riyal's new rates was at 73.30. 

Today’s currency exchange rates in Pakistan - 17 April 2024

Currency Symbol Buying Selling
US Dollar USD 277.4 280.4
Euro EUR 293.15 296.1
UK Pound Sterling GBP 344.25 347.6
U.A.E Dirham AED 75.45 76.2
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 181 182.5
Bahrain Dinar BHD 739.38 747.38
Canadian Dollar CAD 201 203
China Yuan CNY 38.45 38.85
Danish Krone DKK 40.45 40.85
Hong Kong Dollar HKD 35.57 35.92
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 902.26 911.26
Malaysian Ringgit MYR 58.24 58.84
New Zealand Dollar NZD 164.75 166.75
Norwegians Krone NOK 25.38 25.68
Omani Riyal OMR 722.1 730.1
Qatari Riyal QAR 76.37 77.07
Singapore Dollar SGD 204.5 206.5
Swedish Korona SEK 25.72 26.02
Swiss Franc CHF 307.11 309.61
Thai Bhat THB 7.61 7.76

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