Govt to launch Rs400 billion construction-related projects: Minister

ISLAMABAD: Minister for Information and Broadcasting Shibli Faraz has said construction-related projects worth Rs400 billion will be initiated in the last quarter of the current year.

Addressing a news conference, the minister said Prime Minister Imran Khan is giving special emphasis to the uplift of the construction sector in order to revive the economy as well as realize the dream of disadvantaged segments of the society to own their houses.

He said a project envisaging construction of houses and apartments worth Rs145 billion will be started on 20th October, while an additional Rs30 billion have been set aside as subsidy for Naya Pakistan Housing scheme.

The information minister said those constructing five marla houses will be given loans on five percent markup and for ten marla houses, the markup rate will be seven percent.  He said installments will be such that the people could easily pay.

He expressed satisfaction over the recent auctions of Capital Development Authority saying there is an enabling environment for the construction sector in the country.

He said the prime minister chaired a meeting of National Coordination Committee on Housing, Construction and Development attended by the country’s prominent investors and builders.

The meeting discussed several proposals to uplift the sector including holding international road shows for construction-related projects in order to attract investment of overseas Pakistanis.

Speaking on the occasion, Special Assistant on Poverty Alleviation and Social Protection Dr Sania Nishtar said that the government has decided to expand the scope of the Ehsaas Emergency Cash programme.

She said the budget is being increased from Rs144 billion to Rs203 billion and will cover 16.9 million deserving families, adding that distribution of cash assistance is continuing till the last deserving family gets the amount.

She said Ehsaas Emergency Cash programme is the biggest social protection package in the country’s history and commended at the international level under which cash assistance is being provided in a transparent manner and beyond political affiliation.