ISLAMABAD: Federal Finance Minister Muhammad Aurangzeb has approved a new scheme for the construction of low-cost housing.

The decision was made during a meeting of the Economic Coordination Committee (ECC), chaired by the finance minister, where financial support under the Markup Subsidy and Risk Sharing Scheme was approved.

At the meeting, Muhammad Aurangzeb approved the scheme for the construction of low-coast houses and directed the Ministry of Housing to prepare a comprehensive database.

According to the Ministry of Finance, the country will be promoted by Low Cast Housing, the government will provide subsidy for the construction of 5 million houses, it has been proposed to lend Rs 2 million to Rs 3.5 million loans for a period of 20 years.

At the ECC meeting, taking notice of the rise in prices of ghee and coking oil, despite the drop in global prices, expressed concern over the lack of relief to the people.

Meanwhile, ship breaking recycling has been approved to give regular industry status.