Prime Minister Imran Khan has declared the construction sector a guarantor for promotion of economy.

He was chairing a meeting of National Coordination Committee for Housing, Construction and Development in Islamabad on Thursday.

The Prime Minister expressed satisfaction over the active role being played by the banks in the construction sector.

Imran Khan said the government has addressed all the reservations of the banks. He said the State Bank of Pakistan has been empowered for immediate provision of subsidy announced by the government for the construction of houses. Foreclosure laws are also effectively being pursued.

The meeting was attended by the presidents of all the major banks.

The President of Pakistan Banks Association said all the banks are determined for the promotion of construction industry especially for the construction of houses for low and middle income groups.

The Presidents of the Banks said they have prepared products for promotion of construction sector which will soon be introduced.

The Prime Minister directed the banks to simplify the application procedure pertaining to construction of houses so that low and middle income groups could fully benefit from their products.