LAHORE
Provincial Minister for Industries and Commerce Mian Aslam Iqbal has said that Punjab Small Industries Corporation (PSIC) has decided to set up its own industrial development bank.
The minister said this in a statement issued on Thursday on completion of one year of Punjab Rozgar Scheme, an initiative to create new job opportunities.
He said that a committee will review all aspects and make a workable proposal for the establishment of the bank. He said that the government is also coming up with more schemes to promote a sustainable economy and increase employment opportunities.
Talking about the Punjab Rozgar Scheme, the provincial minister for industries and commerce said that under this scheme, easy loans of more than Rs30 billion would be disbursed in five years.
The scheme will provide employment to 1.6 million people and benefit more than 16,000 SMEs.
He said that the government has decided to make the conditions easier and softer to expedite the scheme. Under the Punjab Rozgar Scheme, Punjab Small Industries Corporation will now issue loans of up to Rs2 million on its own.
Under this revolutionary scheme of Punjab Small Industries Corporation, easy loans of more than Rs450 million have been distributed to 800 people in a year. He said that 170,000 were registered in a year on the portal of Punjab Rozgaar Scheme while Punjab Small Industries Corporation received 19,000 applications for loans. After processing, 9,000 applications were sent to the Bank of Punjab while the bank has accepted 1,000 applications.
