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Limit of loans under CM self-employment scheme to be increased

Lahore

July 2, 2020

LAHORE:The Punjab government has decided to increase the scope of Chief Minister Self-Employment Scheme under which the limit of interest-free loans to be disbursed to the skilled people for initiating their business will be enhanced.

It was also decided that the draft of agreement with Akhuwat will be prepared in the light of the recommendations of the board sub-committee, PEPRA, Law Department and board members. The decisions were made in the 110th meeting of the Punjab Small Industries Corporation (PSIC) chaired by Provincial Minister for Industries and Trade Mian Aslam Iqbal.

The meeting also reviewed the matters pertaining to progress on Chief Minister Self-Employment Scheme, economic effects and attaining targets. PSIC MD Mudassar Malik, the board members, including Riaz Hameed Chaudhry and Amjad Naeem, attended the meeting in PSIC office.

Industries and Trade Secretary Zafar Iqbal along with other members attended the meeting via video link.

The meeting was informed that under Chief Minister Self-Employment Scheme, unemployed and skilled youths are being disbursed interest-free loans and 2.9 million people have been distributed interest-free loans under this scheme. A monitoring cell will be set-up in PSIC to oversee implementation on the scheme. The officers concerned were also directed to set-up online dashboard. It was decided that Chief Minister Insaaf Employment Scheme will be launched in collaboration with Akhuwat. The board also granted principal approval for establishing small industrial estates in DG Khan, Sahiwal, Jhang and Mianwali. The board accorded approval for selling off redundant property of PSIC lying in various areas. For the provision of electricity to the small industrial estates of Gujranwala and Wazirabad, approval for agreement with Gepco was also granted. The board also granted approval for some financial and administrative matters of PSIC.

The minister issued directions that capacity building and utility of PSIC should also be enhanced by promoting latest technology. The recommendations of board sub-committee with regard to CM Insaaf Employment Scheme were also accorded approval in the meeting.