Continuing with the mission of Promoting affordable housing, Bank of Punjab has signed a Memorandum of Understanding with Reall Limited of United Kingdom. The MOU was signed by Mr. Patrick Domingos-Tampawa, Director of Operations and Investments at Reall Limited, and Mr. Asif Riaz, Head of Group Retail and Priority Lending, Punjab Bank.
Reall is an innovator and investor in affordable housing funded by the UK and the Swedish International Development Agency (SIDA), and working with local developers in Asia and Africa to create sustainable, affordable and scalable housing projects. Reall has invested around £ 20 million in affordable housing in Pakistan.
Pursuant to this MOU, Bank of Punjab has teamed up with Reall to fund builders and developers of low-cost housing projects to accelerate and expand the supply of affordable housing in the country. The Bank will also provide loans to low-income potential buyers of these housing units at subsidized rates as part of the Central Bank of Pakistan’s Low-Cost Housing Support Scheme as part of the government’s program to promote housing and construction and ensure affordable living standards for the general public.
Zafar Masood, President and CEO of the Bank of said on the occasion:
This alliance will go a long way in strengthening SBP and NAPHDA / Palestinian government efforts to expand low-cost housing mortgage finance for much-needed informal borrowers. This cooperation will not only help meet the requirements of the List of Affordable Housing, but also gain experience in this sector – one of the best in the world.
Reall COO Emma Ahmed said
Reall is honoured to work with Punjab Bank to develop an affordable housing system in Pakistan. Together, we will demonstrate the viability of informal sector lending and the efficient provision of affordable and sustainable housing on a large scale. This will improve the affordable housing market in Pakistan as well as other markets around the world. Together, we can open up huge untapped market opportunities for the private sector and improve the livelihoods of millions of low-income people.
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