German and Canadian construction companies have signed two Memoranda of Understanding (MoUs) to construct 200,000 low-cost houses/flats in major cities of the country under Prime Minister's housing scheme. Under the MOU, the two construction companies will invest 500 million dollars in the initial phase and plan to invest an additional two billion euros in PM's housing project for the poor, needy and shelterless people.
The MoUs were signed by chief executives of German construction company 'Impro', A S Tariq Sial and Star Construction Company of Canada, Zaigham and Pakistan Housing Authority Managing Director Raja Mohammad Abbas.
Speaking on the occasion, Federal Minister for Housing and Works, Rehmatullah Kakar said there exists tremendous opportunities for local and foreign investors in upcoming mega housing scheme and the government would encourage and facilitate them in the this regard. He said that under the scheme one million low-cost houses would be constructed every year for low-paid federal government employees and general public.
Rehmatullah Kakar said the signing of MoUs with the German and Canadian companies would benefit the country to learn from each other's experiences in this vital sector of economy.