Punjab Launches Interest-Free Loans For Women

In practice, the Punjab Small Industries Corporation Board has approved an interest-free loan scheme worth Rs500 million for women entrepreneurs and artisans.

Key points

• The decision was taken at the 137th board session held on Tuesday and chaired by Punjab Minister for Industries and Commerce Chaudhry Shafay Hussain.
• Under the new loan scheme, women artisans and entrepreneurs will be eligible for interest-free loans ranging from Rs500, 000 to Rs10 million.
• Chaudhry Shafay Hussain continued that the Chief Minister's Asaan Karobar Finance Scheme was playing an notable role in boosting economic activity throughout the province.
• While some members joined via video link, secretary Industries Umar Masood, PSIC Managing Director Mubeen Elahi and board members attended the session.
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In practice, the decision was taken at the 137th board session held on Tuesday and chaired by Punjab Minister for Industries and Commerce Chaudhry Shafay Hussain. The session considered a 14-point agenda.

Notably, the board reviewed progress on setting up new Small Industrial Estates in Hafizabad, Sahiwal, Toba Tek Singh, Sargodha, Khanewal, Okara and Kot Pindi Das, along with the expansion of Sundar Industrial Estate. CM Punjab Orders Dedicated Lanes for Bikes.

Authorities informed the board that land had already been identified for the proposed industrial estates.

For context, the board additionally approved the establishment of an industrial park in Gujranwala.

Meanwhile, the session additionally approved a Rs500 million revolving fund to promote small and medium-sized enterprises.

While existing businesses may receive up to Rs5 million for expansion, under this fund, new businesses will be able to obtain interest-free loans of up to Rs10 million.

For context, the board additionally approved a schedule for the auction of redundant properties of the Punjab Small Industries Corporation.

Meanwhile, a relief package was additionally approved for allottees of cancelled plots at Sundar Industrial Estate-II. Under this package, they will receive a 20 percent relief on their total outstanding dues.

Nevertheless, they must commence construction of their factories within six months and start production within two years as per policy.

For context, the board additionally approved the auction of the Handicrafts Development Centre in Murree and the purchase of an alternative site for a modern handicrafts shop in the hill station.

Pension reforms for PSIC employees were additionally approved. Under the reforms, two new schemes will be introduced, and the administration will provide a loan of Rs2.5 billion for this purpose.

For context, the board ratified the minutes of its previous session and additionally approved a number of administrative and financial matters. Punjab Orders Govt Schools to Grow Seasonal Vegetables.

Speaking at the session, Chaudhry Shafay Hussain stated new Small Industrial Estates were being established in different areas in line with the demands of chambers of commerce and the needs of the industrial sector.

He remarked the administration was accelerating industrialisation to create new employment opportunities.

He continued that, in line with Chief Minister Maryam Nawaz Sharif's vision, a favourable investment environment had been created in Punjab and effective measures had been taken to backing small and medium-sized businesses.

Meanwhile, the minister remarked a major programme to improve industrial infrastructure in Punjab's 23 Small Industrial Estates would be rolled out this year.

He remarked road infrastructure, sewerage and drainage systems in the estates would be upgraded under the programme.

Chaudhry Shafay Hussain continued that the Chief Minister's Asaan Karobar Finance Scheme was playing an notable role in boosting economic activity throughout the province. Punjab Govt Stops Women Police Officers From Attending International Conference.

He remarked PSIC was additionally introducing new interest-free loan schemes to backing business expansion and had strengthened its institutional resources through effective strategies. The extra resources generated would additionally be applied to expand business activity further.

While some members joined via video link, secretary Industries Umar Masood, PSIC Managing Director Mubeen Elahi and board members attended the session. Stay Connected with ProPakistani. Obtain the latest news and stories wherever you prefer. Follow on Google Discover.

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For now, punjab Launches Interest remains the part of the story worth watching, and further updates are likely as more details are confirmed.