The International Finance Corporation (IFC) on Thursday signed an agreement with the House Building Finance Corporation (HBFC). Adviser to prime minister on finance and revenue Dr Salman Shah was also present on the occasion.
Under the agreement, the IFC would develop a detailed business plan for the HBFC and assist in building its institutional capacity through its technical facility, Private Enterprise Partnership Middle East and North Africa (PEP-MENA).
The IFC will assist the corporation to operate in a sustainable manner and to grow in an increasingly competitive housing finance market. The government has sought technical assistance of IFC to sustain its housing plans on long-term basis. Meanwhile, the HBFC has agreed to finance and develop a low-cost housing scheme in Gwadar.
Speaking on the occasion, IFC's regional director (MENA) Michael Essex said: "IFC's engagement with the HBFC is a strategic step toward developing housing finance market in Pakistan. We will continue to work with the private sector and the relevant authorities in Pakistan to enhance availability and affordability of the housing finance." To ensure low-cost housing, HBFC managing-director Zaigham M. Rizvi said the HBFC management team has expanded its outreach programme to smaller cities and towns increasing the number of cities from 55 to 80.
IFC's programme manger for housing finance in the region Syed Farhan Fasihuddin remarked: "The HBFC is the only institution providing housing finance to low and lower middle income population in Pakistan. It is critical that the corporation gets the support it needs to ensure long-term operational sustainability."
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