Islamabad: According to a recent news report, Gilgit-Baltistan lacks required accommodation for over a million tourists that visit the area annually, National Bank of Pakistan (NBP) has come forward with a ‘Homestay Financing’ plan to finance the construction of small units attached with the existing houses of GB residents.
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According to details, the GB government and NBP signed a memorandum of understanding (MoU) to launch the homestay financing program, also known as ‘NBP Maizbaan’, wherein residents near tourist spots would be offered soft loans, ranging from Rs. 375,000 to Rs. 1,300,000, for construction of one-to-three-room structures near their houses, so they could be rented out to tourists visiting the area.
The signing ceremony, held at NBP office in Islamabad, was attended by Kashmir Affairs and GB Minister Ali Amin Gandapur, GB Tourism Minister Raja Nasir Ali Khan and NBP President Arif Usmani.
The GB government would help NBP in the selection of places based upon their data, along with support in the recommendation of borrowers since they have the record of all communities.
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The government would also help the bank ensure the utilization of loan for the specific construction of rooms for homestay by engaging a local project manager/consultant to supervise the project. Their representative will frequently visit the borrowers to check the quality of construction, besides ensuring utilization of rooms constructed for the specific purpose over the loan period.
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