Punjab govt launches interest-free loans of up to Rs50 million for pink salt processing and exports

Punjab Chief Minister Maryam Nawaz Sharif on Wednesday launched an interest-free financing scheme for investors seeking to process and export value-added pink salt products.

Under the scheme, new investors will be able to obtain loans ranging from Rs5 million to Rs50 million for salt processing, grinding, refining, cleaning, packaging, machinery and export-standard technology.

The loans will be repayable in instalments over five years.

The chief minister also announced a 110-acre Pink Salt Mineral Processing Zone near Quaidabad.

Officials said more than 200 processing units would be established in the zone, attracting Rs150 million in investment and creating 10,000 direct jobs.

A business facilitation centre and model retail outlet will also be set up to support investors.

The provincial government expects value addition and higher exports of processed pink salt to generate up to $300 million in annual foreign exchange earnings.

The chief minister was informed that bids worth Rs471 million had been received in the first phase of lease and licence auctions and Rs2.5 billion in the second phase.

Officials said the Mines and Minerals Department’s digitalisation of lease and licence auctions had increased government revenue.

Maryam Nawaz said the scheme was aimed at expanding industrial activity, creating employment and increasing exports of processed, packaged and decorative pink salt products carrying the Made in Pakistan label.