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KARACHI: The government has formed a Credit Guarantee Trust (CGT) with participation of the State Bank of Pakistan (SBP), six commercial banks and the Pakistan Mortgage Refinance Corporation (PMRC) to boost low-cost housing in the country, a press release showed on Monday.
The CGT has been established with the support of the World Bank and the SBP.
The PMRC as the trustee signed a master guarantee agreement with six leading Islamic and conventional banks including Meezan Bank, Habib Bank, BankIslami, Faysal Bank, JS Bank and Soneri Bank.
“This is a major step for the government’s Naya Pakistan Housing Program and making affordable housing possible for all,” the SBP said in the press release.
PMRC signs credit guarantee agreement with six more banks
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The Pakistan Mortgage Refinance Company held a Master Guarantee Agreement signing ceremony with six more Pakistani banks for the recently introduced mark-up subsidy on low-cost housing schemes. These banks include Meezan Bank, Habib Bank, Bank Islami, Faysal Bank, JS Bank and Soneri Bank. The PMRC has this agreement with the Bank of Punjab too.
The Government of Pakistan has set up a Credit Guarantee Trust, with the PMRC as its trustee. The trust has been set up with the support of State Bank of Pakistan and funded by the World Bank.