Punjab Launches Rs5 Billion Interest-Free Loan Scheme for Pink Salt Businesses

LAHORE: The Punjab government has launched a Rs5 billion interest-free loan scheme to promote value-added pink salt products and increase their exports.

Under the Pink Salt Value Addition Financial Support Scheme, businesspersons will be provided interest-free loans of up to Rs50 million, Punjab Chief Minister Maryam Nawaz said. The provincial government will pay Rs1.456 billion in interest costs on the loans.

Maryam Nawaz distributed loan cheques among 10 businesspersons under the scheme and directed authorities to focus on exporting finished and branded pink salt products under the Pakistani brand rather than exporting raw salt.

According to officials, a specialized industrial center for salt processing and product manufacturing will be established over 110 acres in Quaidabad, where 200 units are planned. The project is expected to create more than 10,000 jobs.

A briefing was told that improved processing, branding and packaging could increase Pakistan’s annual pink salt exports by up to $300 million.

Maryam Nawaz said pink salt was a unique Pakistani product and that the country should benefit from the economic value generated from it. She also directed that young entrepreneurs and startups be facilitated through the scheme.