Punjab raises employment scheme loan limit to Rs20m

Decision aims to promote economic activities, increase employment

LAHORE:

The Punjab government has decided to double the upper limit of its subsidised loans under the Punjab Employment Scheme to Rs20 million from Rs10million in order to promote economic activities and increase employment in the province.

The decision was made in the Ministerial Steering Committee meeting of the Punjab Employment Scheme in the Finance Department on Friday. Punjab Finance Minister, Mohsin Leghari chaired the meeting, which was attended by Special Secretary Finance Muhammad Ali Randhawa, Secretary Industries Sohail Ashraf, the managing director of the Punjab Small Industries Corporation (SIC) and representatives from the Bank of Punjab while the President of Bank of Punjab, Zafar Masood, participated through a zoom link.

Under the scheme, the government has also extended the loan repayment period, so, borrowers will be able to repay their loans within a period of five to eight years. The aim of these low markup, subsidised loans is to reduce the hardships faced by the common man and providing them with employment.

In a detailed briefing on the progress of the Punjab Employment Scheme, the managing director for Punjab SIC said, “2944 loans of Rs2961.55 million have been distributed under the scheme. The highest number of beneficiaries of the scheme belong from Rahim Yar Khan. Residents of Bahawalpur, Lahore, Multan and Muzaffargarh are also benefiting from the scheme.”

Published in The Express Tribune, December 10^th, 2022.

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