Funding commerce: In FATA, some hope to restore businesses

Government will establish an investment bank in the tribal areas to revive business activity in the war-torn region.

PESHAWAR:

In a first, the government has decided to establish an investment bank in the tribal areas to revive business activity in the war-torn region. 

The feasibility report for the bank has been submitted to the Planning and Development department and all matters relating to its establishment will soon be settled, Fata (Federally Administered Tribal Areas) Investment Facilitation Authority Secretary Arshad Majeed told The Express Tribune.

Majeed added that the project aims to facilitate small and medium business enterprises in the area.

“In the three-year project, $7 million will be injected in Fata to boost business activities in the region,” he said, adding that the World Bank would administer the project that is being funded through the Multi-Donor Trust Fund. Loans will be given on individual basis, depending on business requirements.

The secretary was speaking after the launch ceremony of the Economic Revitalisation Project (ERP) for Fata and Khyber-Pakhtunkhwa, which took place at the Governor House on Tuesday.

The governor stressed upon the role and importance of youth in the tribal belt, saying that they should not only be given proper education facilities, but should also be provided technical skills and advanced training in different fields.

“Peace is essential for any business activity, therefore, tribal elders and religious leader should support the government in establishing peace and security in Fata,” he said.

He highlighted the importance of the Fata Development Authority and said that it was the backbone of the region. He added that the authority should be made stronger to not only maintain developmental projects in the pipeline, but also to initiate new projects.

At the ceremony, the governor distributed cheques amounting to Rs40 million amongst 30 businessmen for the losses suffered by them due to terrorism and military operations in the tribal belt.

He accepted that the monetary compensation was insufficient when compared to their losses, but hoped that the funds would help revive business activity in the area.

The governor said the establishment of a Fata Investment Bank was not only to attract remittances from abroad, but the money could be used to rehabilitate the area.

The ceremony was also attended by Fata Additional Chief Secretary Dr Tashfin, Fata Law and Order Secretary Jamal Nasir and officials of various other departments.

Published in The Express Tribune, September 12^th, 2012.