Finance: Mechanical tandoors getting micro loans
PSIC issues interest free loans over a 5-year period.
LAHORE:
The Punjab Small Industries Corporation (PSIC) is offering Rs235,000 interest-free loans without a penalty clause for the installation of 200 mechanical tandoors across the province.
The recently appointed PSIC managing director Farhan Aziz Khwaja said that loans repayable over five years were being granted on a first come-first serve basis against two personal guarantees for providing sasti roti.
He said that in the first phase a total of 50 tandoors sanctioned are being installed at a cost of Rs4.205 million. Of these, 30 are already operational.
Khwaja said that all regional directors and district officers of the PSIC had been directed to ensure the mechanical tandoors were functioning in a satisfactory manner in line with government policy.
The managing director of the corporation said that the industrial estate in Sundar was equipped with basic infrastructure.
“Construction work on the project is complete.
What remains now is wiring and provision of power. We hope for it to be up and running in a month,” he said.
Khwaja said that 322 plots of sizes varying from four kanals to 10 marlas had been allotted out of a total of 348 plots through computerised balloting for mechanical tandoors.
Malik Shafqat Hayat Awan, regional director of the Punjab Small Industries Corporation said that each applicant drawn from Lahore, Sheikhupura and Kasur districts was granted a loan ranging from Rs50,000 to Rs100,000.
Published in The Express Tribune, March 31st, 2011.
The Punjab Small Industries Corporation (PSIC) is offering Rs235,000 interest-free loans without a penalty clause for the installation of 200 mechanical tandoors across the province.
The recently appointed PSIC managing director Farhan Aziz Khwaja said that loans repayable over five years were being granted on a first come-first serve basis against two personal guarantees for providing sasti roti.
He said that in the first phase a total of 50 tandoors sanctioned are being installed at a cost of Rs4.205 million. Of these, 30 are already operational.
Khwaja said that all regional directors and district officers of the PSIC had been directed to ensure the mechanical tandoors were functioning in a satisfactory manner in line with government policy.
The managing director of the corporation said that the industrial estate in Sundar was equipped with basic infrastructure.
“Construction work on the project is complete.
What remains now is wiring and provision of power. We hope for it to be up and running in a month,” he said.
Khwaja said that 322 plots of sizes varying from four kanals to 10 marlas had been allotted out of a total of 348 plots through computerised balloting for mechanical tandoors.
Malik Shafqat Hayat Awan, regional director of the Punjab Small Industries Corporation said that each applicant drawn from Lahore, Sheikhupura and Kasur districts was granted a loan ranging from Rs50,000 to Rs100,000.
Published in The Express Tribune, March 31st, 2011.