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KP govt launches Rs.1bn Islamic micro finance scheme

SAMAA | - Posted: Jul 21, 2014 | Last Updated: 8 years ago
SAMAA |
Posted: Jul 21, 2014 | Last Updated: 8 years ago

PESHAWAR: The provincial government of Khyber Pakhtunkhwa Monday formally launched Rs.1 billion Islamic micro finance scheme for provision of employment to skilled men and women of the province.

The scheme would be implemented through the Bank of Khyber (BoK). In this connection, a memorandum of understanding (MoU) was also signed between, the Department of Finance, Khyber Pakhtunkhwa and Bank of Khyber (BoK).

Secretary Finance, Said Badshah Bokhari and Managing Director (MD) BoK signed the MoU on behalf of their respective organizations. Chief Minister, Khyber Pakhtunkhwa, Pervez Khattak and Senior Minister for Finance, Siraj-ul-Haq were also present on the occasion.

Initially 5,50,000 unemployed persons in the province will be extended the benefit. In first year under the Islamic Micro Finance Division different kind of machineries would be purchased to provide employment to 8,50,000 persons.

Addressing the ceremony, KP Chief Minister Pervez Khattak said that poor friendly policies are bearing positive impact on the provincial economy. He said that several poor friendly steps have been taken the recently announced provincial budget, saying following the policy the department of finance despite the prevailing financial difficulties has planned the establishment of microfinance division for provision of subsidized flour and ghee to the people.

Under first phase of the project, he said the provincial government in collaboration with the Bank of Khyber is providing an amount of Rs.1 billion for the establishment of first Islamic Micro Credit Division, which would be followed by provision of the provision of business loans to about 100,000 under the Islamic micro financing product.

On the success of the scheme, the provincial government will not only make more investment, rather within a period of two years the province will also enable to establish an autonomous microfinance bank. – APP

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