Financing for under-construction projects lauded–SBP decision will trigger economic activity, create jobs–Prices of construction material should be controlled

ISLAMABAD: Chairman of National Business Group Pakistan,
President Pakistan Businessmen and Intellectuals Forum, and All Karachi
Industrial Alliance, and former provincial minister Mian Zahid Hussain
on Friday lauded the State Bank of Pakistan (SBP) for allowing the bank
financing for the under-construction projects.

Now people will be able to get bank loans for under-construction houses
which will boost the construction sector according to the vision of
Prime Minister Imran Khan, he said.

Mian Zahid Hussain said that the central banks have directed commercial
banks to provide loans to the people who want to purchase a new house.

Talking to the business community, the veteran business leader said that
earlier this facility was not available to the masses and banks would
ignore this sector and the allotment letter issued by builders was not
considered an important document by banks.

He said that SBP has also taken certain steps to reduce the risk of
commercial banks which will improve their confidence which is necessary
for improved economic activities.

This development will trigger demand for houses pushing builders and
developers to boost their investments which will also help dozens of
other industries resulting in better growth and employment
opportunities.

He said that builders and developers have been complaining about
increasing prices of building material including steel rods, iron,
cement, aluminum, and wood, etc. which must be probed.

The authorities should immediately intervene to keep the momentum of
PM’s scheme lest it fails, he warned. TF Report