'Common man, companies to benefit from financial package to construction sector'
- By Web Desk -
- Jul 13, 2020
ISLAMABAD: Federal Minister for Industries and Production Hammad Azhar said on Monday that the financial package given to the construction sector will benefit both a common man and companies, ARY News reported.
Hammad Azhar, while talking to ARY News programme ‘Power Play’, detailed that the coronavirus pandemic has created a massive financial loss to all industries and sectors of the country.
He said that the federal government had deliberated upon creating employment opportunities to cope with the economic challenge post-pandemic. He added that it had been recommended to focus on the construction sector which could create more opportunities for employment for the nationals.
Read: Rs0.3 mln subsidy on each house under Naya Pakistan Housing Program: PM
Azhar said that more than 140 industries were linked with the construction sector and the financial package will benefit both the common man and companies. “We are creating ease for the common man for getting the gains from the financial package.”
While elaborating the details about the Naya Pakistan Housing Project (NPHP), the minister said that banks will provide loans for the construction of five-marla and 10-marla houses by charging interest up to seven per cent.
“Banks have been issued special instructions by the government for separating a five per cent portfolio [for housing financing. Under Section 111, the source of income of the investors in the construction sector will not be questioned. Moreover, the authorities will also resolve all barriers in the issuance of NOCs.”
“All details will be uploaded on the websites of the State Bank of Pakistan (SBP) and Federal Board of Revenue (FBR). It was decided to initiate the project from December 31 this year, whereas, the housing project would be completed by October 30 – 2022.”
Azhar expressed hopes that the financial package to the construction sector will help the government to recover the financial loss after the coronavirus pandemic.