PESHAWAR: A Memorandum of Understanding (MoU) signed between the Industries and Commerce Department and the Bank of Khyber here on Friday. Minister for Finance Taimur Saleem Jhagra signed the MoU on the behalf of the Industries and Commerce department, under which loans will be provided for small and medium scale businesses in the province. According to the MoU, Bank of Khyber will provide Rs 12 billion loan to traders of the province for the next 8 years under the two heads. These loans will be given for business expansion, purchase of machinery, or provision of working capital to run the business. Loans up to Rs 20.2 million will be provided to small and medium enterprises, working capital and modernization companies. There is no interest in the first year of the loan, while in the second year of repayment, two percent interest rate will be applicable. Loans under SBP Direct Refinancing Scheme will be borne by the provincial government in the first and second year. Our Correspondent
