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:
Reall COO Emma Ahmed said
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