KATHMANDU, MARCH 14

March 10th, 2022 marks an important milestone in the World Bank Group's support to Pakistan in its land and housing sectors, with the approval of three complementary investments.

This trilogy of projects, which provides support across the land and housing value chain - from the point when land is acquired for development to that when houses are purchased by beneficiaries - could improve access to affordable housing in Punjab and expand housing finance for low-income households across the country.

Pakistan is facing a critical housing shortage. Population growth, migration from rural areas, and the deterioration of existing homes is driving the shortage in urban areas. The housing gap in Punjab - Pakistan's largest province - was estimated at 2.3 million units in 2017 and is expected to skyrocket to 11.3 million units by 2047.

A major problem is the quality of existing housing. Half of all urban households are overcrowded or live in informal settlements with inadequate access to basic infrastructure and services.

A version of this article appears in the print on March 15, 2022, of The Himalayan Times.