LAHORE, May 16: The United Teachers Welfare Foundation Punjab (UTWFP) is finalising an agreement with two institutions to launch work on Education City, a project to provide residential facilities to teachers serving in schools and colleges on a large scale.

According to a news release issued by the UTWFP, the agreement will be signed this month. The Bank of Punjab (BoP) will be a co-partner in this mega housing scheme.

The foundation spokesman says the membership for this project will begin later in the month.

He says the project will be launched on Ferozepur Road at 200 acres of land. Later, this project will be introduced in other big cities of Punjab.

The teachers will be provided houses of three, five and seven marlas on easy instalments. The BoP will provide financing facility.

The teachers will be able to get 50 per cent cost of the house financed by the BoP on very low markup.

The spokesman says the Education City will be completed through public-private partnership within three years.

Meanwhile, in another news release, UTWFP president Taj Haider, chairman Abdul Razzaq Salim, secretary general Ishaq Kamiana, Joint Action Committee chairman Azam Butt and others lauded the decision to provide low cost houses to the homeless teachers and offered their fullest support to make this project a success.

They said the colony was a long standing demand of the teachers.