Pakistan Housing Finance Project

Abstract*

The development objective of Housing Finance Project is to increase access to housing finance for households, and support capital market development in Pakistan. This project has three components. 1) The first component, Supporting Pakistan Mortgage Refinance Company (PMRC) in Strengthening its Capital Base, 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. 2) The... Show More

Development Objective

The Project Development Objective is to increase access to housing finance for households, and support capital market development in Pakistan.

Key Details

Project Details

Project ID
P162095
Status
Active
Team Leader
Rafay Khan , Namoos Zaheer
Borrower 2
Islamic Republic of Pakistan

Country
Pakistan
Disclosure Date
April 21, 2017
Approval Date
(as of board presentation)
March 29, 2018
Effective Date
June 25, 2018

Total Project Cost 1
US$ 145.00 million
Implementing Agency
PMRC
Region
South Asia
Fiscal Year 3
2018

Commitment Amount
US$ 230.00 million
Environmental Category
F
Last Update Date
June 18, 2024
Closing Date
June 30, 2026

Consultant Services required
Yes
Last Stage Reached
BANK APPROVED

Associated Projects
P172581

Notes
1. Total project cost includes funding from World Bank and non-bank sources in US$ millions. Active and Closed projects show current commitments. Proposed (pipeline) and dropped projects show the forecast amount. The commitment amount for projects in the pipeline is indicative and may be modified during the project preparation.
2. Borrower refers to the Borrower of a Loan or Recipient of a Grant.
3. ”Fiscal Year” is the fiscal year in which the project was approved (or dropped if the status is dropped). The World Bank's fiscal year is from July 1 - June 30. For example, a fiscal year of 1996 corresponds to July 1, 1995 - June 30, 1996.

Sectors

Themes

FY17 - Environment and Natural Resource Management

FY17 - Climate change5%
- FY17 - Mitigation5%

FY17 - Finance

FY17 - Finance for Development100%
- FY17 - Housing Finance100%

Project Map

Interactive Map

Finances

Financing Plan (US$ Millions)

Financier	Commitments
IDA Credit	230.00

Total Project Financing (US$ Millions)

Product Line	IBRD/IDA
IBRD Commitment	N/A
IDA Commitment	230.00
IBRD + IDA Commitment	230.00

Lending Instrument
Grant Amount	N/A
Total Project Cost**	145.00

Summary Status of World Bank Financing (US$ Millions) as of March 31, 2025

No data available.

Detailed Financial Activity as of March 31, 2025

Download:

Period	Financier	Transaction Type	Amount (US$)
Nov 1, 2022	IDA-62070	Int Charges	428,162.88
May 1, 2023	IDA-62070	Loan Repay	16,067.22
May 2, 2023	IDA-62070	Loan Repay	2,193,750.20
May 2, 2023	IDA-62070	Int Charges	500,107.10
May 2, 2023	IDA-62070	Int Charges	500,107.10
May 2, 2023	IDA-62070	Int Charges	805,094.56
Aug 15, 2023	IDA-70450	Int Charges	58,555.52
Aug 15, 2023	IDA-70450	Int Charges	58,555.52
Aug 15, 2023	IDA-70450	Int Charges	24,202.97
Jun 22, 2023	IDA-70450	Loan Disb	-51,434,848.00
Jun 13, 2023	IDA-70450	Loan Disb	50,472,048.00
Jun 29, 2023	IDA-70450	Loan Disb	51,074,968.00
Nov 1, 2023	IDA-62070	Int Charges	27,666.18
Nov 1, 2023	IDA-62070	Loan Repay	2,151,375.00
Nov 1, 2023	IDA-62070	Int Charges	44.50
Nov 1, 2023	IDA-62070	Int Charges	44.50
Nov 1, 2023	IDA-62070	Int Charges	74.15
Nov 1, 2023	IDA-62070	Int Charges	478,821.22
Nov 1, 2023	IDA-62070	Int Charges	478,821.22
Mar 10, 2022	IDA-70450	Loan Commitment	85,000,000.00
Mar 29, 2018	IDA-62070	Loan Commitment	145,000,000.00
May 1, 2020	IDA-62070	Int Charges	7,857.31
May 1, 2020	IDA-62070	Int Charges	444,089.72
May 1, 2020	IDA-62070	Int Charges	444,089.72
May 1, 2020	IDA-62070	Int Charges	740,149.56
May 1, 2021	IDA-62070	Int Charges	522,563.62
May 1, 2021	IDA-62070	Int Charges	522,563.62
May 1, 2021	IDA-62070	Int Charges	890,137.70
May 1, 2021	IDA-62070	Int Charges	11,518.94
May 1, 2021	IDA-62070	Int Charges	11,518.94
Nov 1, 2021	IDA-62070	Int Charges	714.10
Nov 1, 2021	IDA-62070	Int Charges	714.10
Nov 1, 2021	IDA-62070	Int Charges	524,007.06
Nov 1, 2021	IDA-62070	Int Charges	524,007.06
Nov 1, 2021	IDA-62070	Int Charges	874,535.40
May 1, 2022	IDA-62070	Int Charges	487,662.40
May 1, 2022	IDA-62070	Int Charges	487,662.40
May 1, 2022	IDA-62070	Int Charges	833,301.10
May 1, 2022	IDA-62070	Int Charges	12,318.21
May 1, 2022	IDA-62070	Int Charges	12,318.21
Nov 1, 2022	IDA-62070	Int Charges	796,982.50
Nov 1, 2022	IDA-62070	Int Charges	50,026.59
Nov 1, 2022	IDA-62070	Int Charges	50,026.59
Nov 1, 2022	IDA-62070	Int Charges	428,162.88
Nov 1, 2023	IDA-62070	Int Charges	798,035.30
Aug 15, 2024	IDA-70450	Int Charges	192,977.10
Aug 15, 2024	IDA-70450	Int Charges	192,977.10
Aug 15, 2024	IDA-70450	Int Charges	79,763.87
Oct 30, 2023	IDA-62070	Loan Cancel	550,424.90
May 1, 2024	IDA-62070	Int Charges	472,785.25
May 1, 2024	IDA-62070	Int Charges	787,975.50
May 1, 2024	IDA-62070	Int Charges	472,785.25
May 1, 2024	IDA-62070	Int Charges	-7.66
May 1, 2024	IDA-62070	Int Charges	7.66
May 1, 2024	IDA-62070	Loan Repay	2,096,017.80
Feb 15, 2024	IDA-70450	Int Charges	177,823.86
Feb 15, 2024	IDA-70450	Int Charges	177,823.86
Feb 15, 2024	IDA-70450	Int Charges	77,775.30
Feb 15, 2024	IDA-70450	Int Charges	10,342.17
Feb 15, 2024	IDA-70450	Int Charges	10,342.17
May 1, 2024	IDA-62070	Loan Repay	55,228.66
Jun 29, 2018	IDA-62070	Loan Disb	58,044,148.00
Dec 16, 2019	IDA-62070	Loan Disb	30,000,000.00
Nov 1, 2019	IDA-62070	Int Charges	347,976.30
Nov 1, 2019	IDA-62070	Int Charges	347,976.30
Nov 1, 2019	IDA-62070	Int Charges	576,855.94
Nov 1, 2019	IDA-62070	Int Charges	2,888.64
Nov 1, 2019	IDA-62070	Int Charges	2,888.64
May 1, 2019	IDA-62070	Int Charges	5,515.58
May 1, 2019	IDA-62070	Int Charges	5,515.58
May 1, 2019	IDA-62070	Int Charges	209,195.81
May 1, 2019	IDA-62070	Int Charges	209,195.81
May 1, 2019	IDA-62070	Int Charges	357,852.28
May 16, 2019	IDA-62070	Loan Disb	40,000,000.00
Nov 15, 2018	IDA-62070	Int Charges	144,917.23
Nov 15, 2018	IDA-62070	Int Charges	144,917.23
Nov 15, 2018	IDA-62070	Int Charges	241,528.70
Nov 1, 2020	IDA-62070	Int Charges	508,930.97
Nov 1, 2020	IDA-62070	Int Charges	854,022.30
Nov 1, 2020	IDA-62070	Int Charges	3,482.42
Nov 1, 2020	IDA-62070	Int Charges	3,482.42
Nov 1, 2020	IDA-62070	Int Charges	508,930.97
Jun 30, 2020	IDA-62070	Loan Disb	10,000,000.00

Footnotes

Ratings

IMPLEMENTATION RATINGS

Name	Review	Date
Overall Implementation Progress (IP)	Satisfactory	2025-02-05
Procurement	Satisfactory	2025-02-05
Progress towards achievement of PDO	Satisfactory	2025-02-05
Financial Management	Satisfactory	2025-02-05
Monitoring and Evaluation	Satisfactory	2025-02-05
Project Management	Satisfactory	2025-02-05

COMPLETION RATINGS

No data available.

INDEPENDENT EVALUATION RATINGS

No data available.

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Number of Total Mortgage Loans Refinanced by PMRC Value 0.00 12246.00 30000.00
Date December 30, 2016 March 29, 2024 June 30, 2026
Comment
Value of Total Outstanding Mortgages Value 627142857.00 1935251798.00 3529411764.00
Date December 30, 2016 March 29, 2024 June 30, 2026
Comment
Percentage of Refinanced Mortgages Taken out by Women Value 0.00 17.00 20.00
Date December 30, 2016 March 29, 2024 June 30, 2026
Comment
PMRC bond issuance volume Value 0.00 83508771.00 261000000.00
Date June 15, 2018 March 29, 2024 June 30, 2026
Comment

INTERMEDIATE RESULTS INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Amount of PMRC-Refinanced Mortgage Loans Value 0.00 135035971.00 800000000.00
Date December 30, 2016 March 29, 2024 June 30, 2026
Comment
Number of PMRC financed/refinanced Mortgage Loans of PKR 3 million or less Value 0.00 8638.00 15000.00
Date January 1, 2018 March 29, 2024 June 30, 2026
Comment
Direct project beneficiaries that feel that project investments reflected their needs Value 0.00 98.20 80.00
Date December 30, 2016 March 29, 2024 June 30, 2026
Comment
Scaled up RSF has been operationalized Value No Yes Yes
Date July 1, 2021 October 31, 2023 June 30, 2026
Comment
Portfolio under coverage of RSF Value 0.00 140971223.00 1588235294.00
Date July 1, 2021 March 29, 2024 June 30, 2026
Comment
of which Tier 0 and Tier 1 mortgages Value 0.00 234954.00 952941176.00
Date July 1, 2021 March 29, 2024 June 30, 2026
Comment
of which mortgages taken out by women Value 0.00 23021582.00 317647058.00
Date July 1, 2021 March 29, 2024 June 30, 2026
Comment

Number of Total Mortgage Loans Refinanced by PMRC	Value	0.00	12246.00	30000.00
	Date	December 30, 2016	March 29, 2024	June 30, 2026
	Comment

Value of Total Outstanding Mortgages	Value	627142857.00	1935251798.00	3529411764.00
	Date	December 30, 2016	March 29, 2024	June 30, 2026
	Comment

PMRC bond issuance volume	Value	0.00	83508771.00	261000000.00
	Date	June 15, 2018	March 29, 2024	June 30, 2026
	Comment

Scaled up RSF has been operationalized	Value	No	Yes	Yes
	Date	July 1, 2021	October 31, 2023	June 30, 2026
	Comment

Portfolio under coverage of RSF	Value	0.00	140971223.00	1588235294.00
	Date	July 1, 2021	March 29, 2024	June 30, 2026
	Comment

of which Tier 0 and Tier 1 mortgages	Value	0.00	234954.00	952941176.00
	Date	July 1, 2021	March 29, 2024	June 30, 2026
	Comment

of which mortgages taken out by women	Value	0.00	23021582.00	317647058.00
	Date	July 1, 2021	March 29, 2024	June 30, 2026
	Comment

Pakistan Housing Finance Project

Abstract*

Development Objective

Key Details

Project Details

Sectors

Themes

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Project Map

Finances

Financing Plan (US$ Millions)

Total Project Financing (US$ Millions)

Summary Status of World Bank Financing (US$ Millions) as of March 31, 2025

Detailed Financial Activity as of March 31, 2025

Ratings

IMPLEMENTATION RATINGS

COMPLETION RATINGS

INDEPENDENT EVALUATION RATINGS

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INTERMEDIATE RESULTS INDICATORS