Islamabad: Wednesday, February 23, 2022 – President & CEO of U Microfinance Bank Limited (“U Bank”) Mr. Kabeer Naqvi and President & CEO of The Bank of Punjab (“BOP”), Mr. Zafar Masud, signed an Agreement to promote affordable housing finance under Government’s Kamyab Pakistan Program  – KPP.

Through this partnership, BOP will provide U Bank with interest-free Term Finance Facility under the KPP framework compliant Low-Cost Housing Program, amounting to PKR 5 Billion, to promote housing finance in the country. This new initiative not only strengthens the bond between both institutions and opens up more avenues for collaboration, but also ties in with the Government’s agenda for providing access to housing credit to the excluded part of Pakistan.

Speaking at the occasion, Mr. Kabeer Naqvi, President & CEO of U Bank said that this program of the Government of Pakistan will help institutions in providing subsidized micro-loans to low-income families for the purpose of encouraging economic growth in Pakistan, particularly those in the informal sector. He commended Government’s commitment in providing affordable housing finance for all and further support economic and social development. He also highlighted how U Bank’s strategic direction is aligned with the Government’s mission towards financial inclusion and poverty alleviation.

Speaking at the occasion, Mr. Zafar Masud President & CEO of BOP said, this Partnership will pave way for the microfinance industry to extend housing finance to the low-income groups, a market segment that has remained neglected for a long. BOP is continuing to play its role as a catalyst in mortgage market development and for the growth of affordable housing in the country. He further added that BOP has already embarked on the journey of becoming one of the top 5 banks and will soon create its space there.

The ceremony was held in Islamabad and was witnessed by the senior management of both institutions. From BOP, Mr. Farid Ahmed Khan (GC – C&IB), Mr. Khawar Shahid Ansari (GH – Treasury & FI), Mr. Saqib Sajjad (Head – FI & CB) and other team members were present. From U Bank, Ms. Mariam Pervaiz – Chief Commercial Officer & Chief of Staff, Ms. Ambreen Malik – Chief Business officer and Chief Digital Officer, Mr. Muhammad Farooq Kamran – Chief Corporate & Investment Banking and other senior members of the management team were present.