Pakistan Housing Finance Project (WB-P162095)

Countries
  • Pakistan
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • World Bank (WB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Mar 29, 2018
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Islamic Republic of Pakistan
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • Law and Government
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 145.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 145.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Other Related Projects
Primary Source

Original disclosure @ WB website

Updated in EWS Sep 9, 2019

Disclosed by Bank Mar 3, 2017

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the website of the World Bank, the proposed objective of the project is to increase access to housing finance for households, and support capital market development in Pakistan.

Its three main components are as follows:

Component 1: Supporting Pakistan Mortgage Refinance Company (PMRC) in strengthening its capital base

This component aims to help strengthen PMRC’s capital base so it can operate on a sustainable basis and become a highly rated bond issuer in Pakistan. 

Component 2: Supporting the Expansion of Mortgage Loans

This component aims to provide incentives for Primary Mortgage Lender (PMLs) to increase access to mortgage loans to a larger segment of the population. It has the following subcomponents

Component 3: Capacity Building for Housing Policy and Analytics

This component aims to enhance analytical capacity and policy formulation for sound national housing policy.

 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Pakistan Mortgage Refinance Company Limited is a Pakistan based company that provides refinancing services for primary mortgage lenders in Pakistan. The company serves the banking and housing finance industry.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Pakistan Mortgage Refinance Company Limited Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

World Bank
Korotoumou Ouattara
Yoonhee Kim

Email and telephone details were not disclosed.

Borrower/Client/Recipient
Islamic Republic of Pakistan

Implementing Agencies
PMRC
N. K. Rupan
Managing Director and CEO
Phone: +92 21 35633361
Cell #: +92 317 1171778
Fax #: +92 21 35633365
Email : nkrupan@pmrc.com.pk
Address: 6
th Floor, Bahria Complex I, MT Khan Road, Karachi 74000, Pakistan.
Website: https://www.pmrc.com.pk

ACCOUNTABILITY MECHANISM OF WORLD BANK

The World Bank Inspection Panel is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by a World Bank-financed project. If you submit a complaint to the Inspection Panel, they may investigate to assess whether the World Bank is following its own policies and procedures for preventing harm to people or the environment. You can contact the Inspection Panel or submit a complaint by emailing ipanel@worldbank.org. You can learn more about the Inspection Panel and how to file a complaint at: http://ewebapps.worldbank.org/apps/ip/Pages/Home.aspx.

How it works

How it works