Rs400 bn construction projects to be launched by Dec: Shibli

ISLAMABAD: Minister for Information and Broadcasting Senator Shibli Faraz said on Thursday that Rs 400 billion construction projects would be initiated by the end of December this year.

Addressing a news conference along with Prime Minister’s Special Assistant on Poverty Alleviation and Social Safety Dr Sania Nishtar, he said a mega project for the construction of houses and apartments worth Rs145 billion would be started by October, while many more would follow suit.

He said Prime Minister Imran Khan was giving special attention to the uplift of the construction sector as this had the potential to revive the national economy as well as realise the dream of disadvantaged segments of the society to own their houses.

Shibli Faraz said the people building five-marla houses would be given loans on 5 percent mark-up, whereas for the 10-marla houses, the mark-up rate will be 7 percent. He said that the schedule for payment of instalments would be within the reach of the low income groups.

Shibli Faraz said the prime minister Thursday chaired a meeting of the National Coordination Committee on Housing, Construction and Development to personally monitor the situation and ensure steps to remove impediments in launching housing projects.

He said that the meeting was attended by the country’s prominent builders and developers. The meeting discussed several proposals to uplift the sector including holding international road shows for construction-related projects to attract investment from expatriates. The meeting discussed in details all issues ranging from taxes and maps and utilities.

Mechanism for lending to the construction sector was also discussed, he informed. The minister said the focus of the prime minister’s policies were the middle class and poor segments of the society.

Shibli said that recent auctions of Capital Development Authority fetched more than expected returns which were the manifestation that the environment for the construction sector in the country was conducive.

Shibli Faraz said the government has asked the banks to dedicate about Rs330 billion of their lending portfolio for the construction industry.

Meanwhile, talking to a private news channel, Shibli Faraz said bringing important national organisations out of loss and making them self-sufficient was the top most priority of the PTI-led federal government.

He said the PTI government had successfully launched the biggest-ever financial assistance programme for deserving people in the history of Pakistan, as its fruits would reach the common people very soon.

He said the government was providing financial assistance through Ehsaas Cash Emergency Programme and the programme reflected Prime Minister Imran Khan’s vision to help out the poor and deprived segments of society. He said Rs230b have been allocated for Ehsaas Programme.

Meanwhile, in tweets, Shibli Faraz said in categorical terms that Punjab Chief Minister Usman Buzdar is going nowhere. “Chief Minister Punjab, Usman Buzdar is going nowhere. All speculations regarding his departure are mala fide and baseless,” he said.