Federal govt approves schemes for construction of affordable houses

ISLAMABAD: The Federal Minister of Finance, Muhammad Aurangzeb, has approved a scheme for the construction of affordable houses.

The decision was made in the Economic Coordination Committee (ECC) meeting under the chairmanship of the Finance Minister, where it was decided that the financial assistance would be provided through the Markup subsidy risk-sharing scheme.

The Finance czar has directed the Ministry of Housing to prepare a comprehensive database.

According to the Ministry of Finance, low-cost housing will be promoted in the country. The government will provide a subsidy for the construction of 5 million houses.

It has been proposed to provide a loan of 20 to 35 million for 20 years. Taking notice of the increase in the prices of ghee and cooking oil in the ECC meeting, concern has been expressed that the public is not getting full relief despite the reduction in global prices.

In addition, approval has also been given to give the status of regular industry to shipbreaking recycling.