Rs1b allocated for setting up Bank of Balochistan

Financial institution would provide employment opportunities to unemployed educated youth

ISLAMABAD:

The Balochistan government has allocated Rs1 billion for the establishment of Bank of Balochistan from its own resources and claimed the new financial institution would provide employment opportunities to many unemployed educated youth.

The provincial government has initiated process to hire consultancy services of a company for setting up the bank to boost economic activities in Balochistan.

The initiative was aimed at providing monetary incentives to businesses which would eventually spur economic growth and create more employment opportunities in the province, an official of the Balochistan government told APP on Friday.

“Its operations will regulate the commercial and Islamic banking under one wing in the supervision of the State Bank leading to broaden the base of banking in the region,” he said, adding the facility would be established as a commercial, investment and development bank.

Published in The Express Tribune, July 3^rd, 2021.