Punjab govt announces Rs300 billion financing programme, offers interest-free loans
LAHORE: Punjab Industries and Commerce Minister Chaudhry Shafay Hussain has announced a Rs300 billion financing programme this year, under which interest-free loans of up to Rs100 million will be provided.
As per reports, an important meeting of the Board of Directors of the Punjab Small Industries Corporation (PSIC) was held at PESSIC House on Davis Road under the chairmanship of Chaudhry Shafay Hussain.
The meeting reviewed a single-point agenda and took several decisions to accelerate industrial and commercial activities across the province.
However, the board also approved filing an appeal before the Federal Constitutional Court against a decision concerning employees’ pensions. Hussain said the decision of the Lahore High Court’s division bench would be challenged in the court.
The provincial minister also directed officials to accelerate infrastructure improvement work in Punjab’s 24 small industrial estates.
The meeting was informed that the province’s first small industrial estate had been established in Mandi Bahauddin, where the process of acquiring plots would be conducted entirely online. A 20 per cent quota has also been reserved for overseas Pakistanis.
Hussain said interest-free loans were also being provided under the Chief Minister’s Asaan Karobar Finance Scheme.
He explained that under the Rs300 billion programme, loans of up to Rs100 million would be interest-free.
Loans ranging from Rs100 million to Rs1 billion would carry an interest rate of 3 per cent, while financing between Rs1 billion and Rs5 billion would be offered at a 5 per cent markup.
