K-P govt launches loan scheme for tribal areas

K-P Finance Minister Taimur Saleem Jhagra says Insaf Rozgar Scheme to encourage entrepreneurs in ex-FATA

PESHAWAR: Khyber-Pakhtunkhwa government has started Insaf Qarza Scheme in the seven merged districts, under which people aged 18 to 50 will get Rs50,000 to Rs100,000 for self-employment projects.

K-P Finance Minister Taimur Saleem Jhagra launched the scheme from Bank of Khyber (BoK) Jamrud branch. Secretary Finance Shakeel Qadar, BoK Managing Director Saiful Islam accompanied him on the occasion.

Khyber Pakhtunkhawa has allocated budget for the employment of the youth of the settled, newly merged included male and female of the province and announced that the project has been started today, while the women would have special quota in the scheme.

Jhagra stated that besides BoK, various financial institutions capable of the financing and NGOs would start such schemes throughout the province.

“Under the Insaf Qarza Scheme, professionals and degree holders will get Rs50,000 to Rs100,000 soft loan, while people having technical and vocational qualifications will get up to Rs500,000,” he said.

People seeking expansion of the already established businesses could get loan of up to Rs300,000, Jhagra stated.

He said that borrowers will have to return the amount within three years. Regarding the age limit, he said it has been relaxed to up to 50 years to further facilitate entrepreneurs in tribal areas.

Published in The Express Tribune, April 26^th, 2019.