IFC to invest Rs500m in low-cost housing.
KARACHI -- The International Finance Corporation (IFC) on Thursday said it will invest Rs500 million for the construction of affordable houses in Pakistan.
In a press release, IFC said it is making an equity investment of up to Rs500m (about $3.2m) in Pakistan Mortgage Refinance Company Limited (PMRC) to catalyse affordable mortgage financing to help to address a critical gap in affordable housing.
'The number of people living in towns and cities is expected to double between 2030 and 2040. Pakistan is facing a high demand for affordable housing. The current housing deficit in Pakistan stands at 10m units and is expected to grow by 700,000 units per...
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