KP govt approves Rs6 billion subsidy for SME sector

PESHAWAR: The KP government on Wednesday approved an amount of Rs6 billion as a subsidy to the RAAST Modernization Finance Scheme and RAAST Working Capital Financing Scheme to encourage the growth of existing and new businesses in the Small and Medium Enterprise (SME) sector. The nod was given by Chief Minister Mahmood Khan while chairing the 63rd meeting of the cabinet, said a handout.

The chief secretary, additional chief secretary, Senior Member Board of Revenue and administrative secretaries attended the meeting besides the cabinet members.Briefing the media persons about cabinet decisions, Special Assistant to Chief Minister on Information and Public Relations Barrister Muhammad Ali Saif said both the schemes would be implemented by the Bank of Khyber in coordination with the Industries, Commerce & Technical Education Department.

The SME sector, he said, is viewed as the backbone of an economy and the present government is highly focused on the uplift of this sector as it employs the largest workforce as well as contribute significantly to the income of the population at large.