Lahore March 17 2022: Zafar Masud and President & CEO of U Microfinance Bank Limited (“Ubank”) Mr. Kabeer Naqvi signed off Agreement to promote affordable housing finance under Kamyab Pakistan Program “KPP” in the country.
Under this agreement BOP will provide Ubank with inteest free term finance facility under the Kamyab Pakistan Program framework compliant Low-Cost Housing Program amounting to PKR 5 Billion to promote housing finance. This new initiative will not only strengthen the bond between both institutions but also open up multiple avenues for collaboration. ‘
Speaking at the occasion, Mr.Zafar Masud President & CEO of BOP said, “It is heartening knowing that we share the vision of every Pakistanifamily being able to own th ir own home, especially the hitherto neglected lower income strata. This PKR 5 billion facility will enable us to work towards this cause, collaboratively. He further added that BoP has already embarked on the journey of becoming one of the top 5 bank and will soon create its space there.”
Speaking on the occasion Mr. Kabeer Naqvi, President & CEO of Ubank said that the initiative of Government of Pakistan launching KPP will help the institutions to provide subsidized micro-loans to low-income families for he purpoe of encouraging economic growth in Pakistan, particularly those in the informal sector. The government of Pakistan is committed to providing affordable housing finance to its citizens for economic and social development. This alliance will further help the government to achieve its goals aimed towards housing and poverty alleviation.
The ceremony was held in Islamabad and was witnessed by the senior management of both the institutions. From BoP, Mr. Farid Ahmed Khan (GC – C&IB), Mr. Khawar Shahid Ansari (GH -Treasury & Fl), Mr. Saqib Saliad (Head – Fl & CB) and other members were present. From U Bank, Ms. Mariam Pervaiz – Chief Commercial Officer & Chief of Staff, Mr. Muhammad Farooq Kamran – Chief Corporate & Investment Banking and Mr. Mohsin Aslam – Head Budgeting Planning & Corporate Finance and Ms. Madiha Latif -Assistant Manager Corporate Finance of Ubank were present.
