The Pakistan Banks’ Association (PBA) on Thursday assured government for its support toward construction industry through Housing and Construction Finance, saying it’s a positive step for the growth of national economy. Association in its statement said that Prime Minister’s Housing initiative was a revolutionary programme as it would improve the living standard of the common man and to generate big economic activity in the country. “PBA believes that Housing & Construction Finance sector is a critical contributor to the overall economy, because of its multiple linkages to other avenues of economic development. However, Housing & Construction Finance is presently very low in Pakistan, contributing less than one percent of the country’s GDP; it is also one of the lowest in the region and comparable countries.” PBA welcomes the positive steps taken by the Government and State Bank of Pakistan that are key enablers for growth of the Housing & Construction finance sector. These steps include low interest rates, more effective foreclosure laws and construction being accorded an ‘Industry’ status. While there are still a few unresolved issues which are being actively worked upon, PBA believes it is a good time for its member banks to see this as a growth area for future lending on a secured basis, with reasonable spreads.