KARACHI - Deputy Governor State Bank of Pakistan Kamran Shazad has said that the mortgage finance guidelines are being streamlined by the SBP.

He stated this while addressing a seminar organized by the ABAD on ‘Role of construction and its allied industries in the economy’ at ABAD house here on Saturday.

Kamran Shahzad said that State Bank fully realizes the role of construction and its allied industries and would like the constructors and developers to take advantage of the modern trends emerging in the world.

He said that the focus on the world is towards capacity building. We have to face the emerging challenges and must be prepared to tackle the difficulties to take advantage of the opportunities, he said.

SBP Deputy Governor appreciated the efforts of ABAD in organizing such an informative seminar and exhibition and would suggest that ABAD should work more towards research and development.

He said that state of economy has shown positive signs but the inflationary pressure still remains high. He hoped that the economy shall touch development rate of 4.00 percent mark by the end of the year. The present rate is around 3.4%, he said.

Mohsin Shiekhani, Chairman ABAD, said that the construction sector is backbone of every country and there is a need for bridge financing to this sector in Pakistan in such a scenario where energy crisis and political instability are prevailing throughout the country. He said more than 100 allied industries depend upon the housing sector directly and indirectly and this sector is going from worse to worst day-by-day in the country.

He emphasized the absence of funds in this sector force investors to make 100 percent equity based financing and ultimately delay the period for completing the project in three years to six or more years.

According to World Bank’s report, there is a need for developing 10 million houses across the world and this need is rising by 0.3 million annually in Pakistan, he added.