KARACHI: Pakistan Mortgage Refinance Company's office was formally inaugurated here by Jameel Ahmad, Deputy Governor, State Bank of Pakistan (SBP), says an announcement here on Monday.

Speaking on the occasion, Jameel Ahmad said that PMRC would provide long term funding at fixed rate which will increase affordability for mortgage borrowers.

It will also promote minimum quality standards in the housing finance sector.

He further stated that he is pleased to observe the efforts of PMRC management to date, but the company must continue its journey towards fulfilling its role in providing affordable housing finance in Pakistan.

Saeed Ahmad, President NBP, and ex-Chairman of PMRC Board of Directors, also attended the inauguration ceremony.

Speaking on the occasion, he congratulated the PMRC Board and the management for achieving this milestone and expressed that housing is very close to his heart and he is very keen to see affordable housing in Pakistan.

He assured his full support to PMRC for starting its operations.

Addressing the ceremony, Chairman, Board of Directors PMRC, Rehmat A. Hasnie, welcomed the chief guest and other distinguished guests and thanked all the stakeholders for their continued support and contribution to making PMRC a viable entity.

Rupan, CEO of PMRC, also thanked the guests for their participation and supporting PMRC to meet its business goals.

The inauguration ceremony was attended by the Board members of PMRC, which include nominees of the Ministry of Finance, HBL, UBL, ABL, Bank Alfalah, Askari Bank, HBFC and Summit Bank Limited.

Also present on the occasion were representatives of SBP and the World Bank Group.