KP government offers 5pc mark-up concession on loans

PESHAWAR: Chief Minister Pervez Khattak has announced to grant five percent mark-up concession on new loans for setting up industries in Khyber Pakhtunkhwa.
He directed the relevant authorities to make three major rebates and certain other incentives part of the provincial industrial policy.The major attractions for industrial investment, he pointed out, must be included the rebate on the mark-up rate, electricity tariff and industrial transportation charges.
Presiding over a meeting at the Chief Minister’s Secretariat on Wednesday, Pervez Khattak disclosed that all companies interested in establishing oil refineries in southern districts of the province had been directed to first approach the federal government for acquiring the oil quota under the prescribed procedures.
He, however, made it clear that the Khyber Pakhtunkhwa government has waived off the condition of No-Objection Certificate for establishing all kinds of industries including sugar mills and oil refineries.
A handout said the meeting was held to discuss draft new industrial policy and early bird investment policy. These are mainly aimed at building prosperous Khyber Pakhtunkhwa through sustainable and balanced industrial development.
Special Assistance to the Chief Minister Mushtaq Ahmed Ghani, Member National Assembly Sajida Zulfiqar, the chief secretary, additional chief secretary, secretaries for departments concerned, vice-chairmen of Khyber Pakhtunkhwa Technical Education and Vocational Training Authority (TEVTA) and Board of Investment and Trade (BOIT), representatives of the chambers of commerce and industries and top management of KP Economic Zones Development and Management Company (EZDMC) and Special Economic Zones Authority participated in the meeting.
The meeting was informed that the strategy for industrial growth under the proposed policy envisages development of industrial infrastructure, promotion of labour intensive industries, exploitation of CPEC potential and opportunities, development of dry ports and border trade terminals, revival of closed and sick industries and provision of logistic parks, etc.
Discussing the recommendations presented under the industrial and early investment policy, the chief minister stressed the need for arranging incentives first for a viable industrial growth.
Pervez Khattak directed the authorities concerned to approach the major commercial banks and development finance institutions for obtaining at least 100 billion rupees financing for industrial investments.
He was confident that only the Bank of Khyber would be able to spare 30-35 billion rupees for the loan disbursements.The chief minister said that keeping in view the locational disadvantageous of Khyber Pakhtunkhwa, it would be rather impossible to achieve the goal of sustainable industrial growth without grant of attractive incentives for industrial investment.
He clarified that the provincial government was authorized to utilize the locally produced electricity for industrial consumption at much cheaper rate. Pervez Khattak said establishment of an industrial estate at Malakand be given priority so that electricity being generated by Malakand III and Pehur projects could be allocated for the proposed Malakand industries.
The chief minister also stated that financial allocations for industrial incentives would be made in the next annual budget.
He ordered removal of impediments to establishment of already planned four Special Economic Zones at Hattar, Rashakai, Jalozai and Ghazi. He also asked EZDMC to look into prospects of using liquid natural gas for industries and power generation.