KP govt to launch interest free microfinance scheme in merged areas

PESHAWAR: The Khyber Pakhtunkhwa (KP) government has signed an agreement with Akhuwat Foundation to launch the Interest Free Microfinance Scheme (IFMS) for promoting entrepreneurship as well as the cottage industry in newly merged districts.
The scheme will provide small scale loans up to Rs75,000 to small and medium entrepreneurs of merged areas. The interest free loan scheme will consist of a revolving fund of Rs1 billion. Under the said scheme, a 25 per cent quota has been allocated for females, 5pc for special persons and 2pc for transgenders.
A ceremony to this effect was held here at Chief Minister House on Thursday with KP Chief Minister Mahmood Khan as chief guest. Special Assistant to CM on Industries Abdul Kareem, Secretary Industries Javed Marwat, Akhuwat Foundation Chief Executive Officer (CEO) Dr Amjad Saqib and other concerned high ups also attended the ceremony.
According to details, more than 219,000 people of merged areas would be facilitated on merit over the next 13 years.
Touching upon the government’s strategy for the development of merged districts, the KP chief minister that the provincial government would also launch an interest free loan scheme for settle districts in phases, starting from backward areas.
He said that the incumbent government was taking result oriented steps to make the youth of tribal districts financially empowered.
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Aziz Buneri
Aziz Buneri
Author is a senior journalist and working in the field of journalism since 2004. He covers Financial, Social, Political and regional issues for Pakistan today and Profit. He can reached at [email protected]


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