Agreement is part of Prime Minister Imran Khan’s National Housing Strategy to build at least five million housing units in the country.
A new agreement between the government of Pakistan, SHS Holdings and UNOPS will see at least 500,000 new affordable homes built in Pakistan over the next 10 years. The agreement is the latest in UNOPS Social Impact Investment Initiative (S3I), which will also see similar projects delivered in Ghana, Kenya, the Caribbean and India.
“This groundbreaking housing initiative is not just a regular project but a massive undertaking that has my full support and will undoubtedly change for the better the lives of millions of people,” said Pakistan’s Prime Minister Imran Khan.
All new affordable homes built will include some of the latest renewable energy and disease preventative technology, including solar panel roofs, waste-to-energy technology and mosquito-repelling coatings.
”SHS is truly excited to be associated with this far-reaching initiative. We will spare no effort to deliver for the people of Pakistan and surpass their expectations and honor their right to have a safe roof over their heads and own a piece of their land.” Noel Lyons – SHS, CEO
As part of the agreement, the government will provide land and basic infrastructure including sewage, electricity and water connections. UNOPS and SHS will establish a framework to manage financial aspects, and ensure project activities are timely, efficient and maintain relevant quality standards. SHS will supply proprietary state-of-the art technology as well as oversee the development of housing. In order to enable implementation, the Government enacted new law that allows for the creation of the mortgage finance solutions and the foreclosure procedures.
“This agreement will spur the development of Pakistan with as many as 78 industries benefitting directly or indirectly. The people, especially the poor, will have first in their lifetime opportunity to own a home. The social impact of this program will be enormously positive,” said Pakistan’s Secretary of Housing, Dr. Imran Zaib.
“We are delighted to support Pakistan’s aspirations to build more affordable homes through our S3I initiative. Delivering half a million homes anywhere is a colossal task, but I am certain that through this new agreement, we will help deliver for the people of Pakistan,” said Vitaly Vanshelboim on behalf of UNOPS.
Construction dates will be set once a feasibility study has been completed jointly with the Government of Pakistan.