News Column

KP Govt to invest Rs 1 bln for 0.55 mln unemployed skilled youth

July 8, 2014

Khyber Pakhtunkhwa (KP) government intends to invest Rs 1 billion in Islamic Micro Finance Banking to provide loans to initially 0.55 million unemployed skilled youth of the province.

The loans would be provided to skilled male and female youth for purchase of machinery and tools to start their own business and earn livelihood in respectable manner.

Senior Minister for Finance KP Siraj ul Haq Monday chaired a high level meeting here to this effect and discussed ways to means for provision of loans and bank's share in the profit, said a press release.

The meeting was informed that machines and tools would be purchased under Islamic Micro Finance Division for the first year for approximately 0.8 million people as per demand. The loan seeker would start their own business with the machines and tools and share their profit with the bank.

It was said that the bank would get a nominal share of the profit while most of the profit would go to the investor. Similarly, 22 thousand people could be employed and made self-sufficient in five years under the scheme, the minister was informed.

The Senior Minister directed Bank of Khyber (BoK) to promote Islamic Micro Finance Banking in the province and help maximum poor people under this scheme.

The meeting was attended by Managing Director BoK Imran Samad, Sharia Advisor Abdul Samad, Additional Secretary Finance Kamran Khan and other high officials of Finance Division.

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Source: Balochistan Times (Pakistan)

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