Interest-free schemes to be launched in merged districts

PESHAWAR: The government of Khyber Pakhtunkhwa on Thursday signed an agreement with Akhuwat Foundation to launch interest-free microfinance scheme (IFMS) through which small scale loans up to Rs75,000 would be provided to entrepreneurs in the merged districts.

The interest-free loan scheme would consist of revolving fund of Rs1 billion, said a handout, adding, under the said scheme, 25percent quota had been allocated for females, 5pc for special persons and 2pc for transgender persons. A ceremony to this effect was held here at the Chief Minister’s House with Chief Minister Mahmood Khan as chief guest.

Special Assistant to chief minister on Industries Abdul Kareem Khan, Secretary Industries Javed Marwat, Chief Executive Officer Akhuwat Foundation Dr. Amjad Saqib and other concerned high ups also attended the ceremony.

Industry Department Government of Khyber Pakhtunkhwa and Akhuwat Foundation formally signed an agreement. This interest-free loan scheme is being executed through Akhuwat Islamic Microfinance, which is already implementing an interest free scheme worth Rs500 million in merged areas. This is the second important scheme, which will be implemented through Akhuwat Islamic Microfinance under which more than 219,000 people of merged areas would be facilitated over a period of next 13 years. The loans would be totally interest-free and will be provided purely on merit.

Addressing the ceremony, Chief Minister Mahmood Khan termed this initiative as another important step of the provincial government towards the economic prosperity of tribal districts adding that small and medium entrepreneurship and cottage industry was the backbone of national economy.