KP govt launches Rs 1 billion Islamic micro-finance scheme

PESHAWAR: The provincial government of Khyber  Pakhtunkhwa Monday formally launched Rs.1 billion Islamic micro finance scheme for provision of employment to skilled men and women of the province.The scheme would be implemented through the Bank of Khyber (BoK). In this connection, an MoU was also signed between, the Department of Finance, Khyber Pakhtunkhwa and BoK.Secretary Finance, Said Badshah Bokhari and MD BoK signed the MoU on behalf of their respective organizations. Chief Minister, Khyber Pakhtunkhwa, Pervez Khattak and Senior Minister for Finance, Siraj-ul-Haq were also present on the occasion. Initially 5,50,000 unemployed persons in the province will be extended the benefit. In first year under the Islamic Micro Finance Division different kind of machineries would be purchased to provide employment to 8,50,000 persons.Addressing the ceremony, KP Chief Minister Pervez Khattak said that poor friendly policies are bearing positive impact on the provincial economy. He said that several poor friendly steps have been taken the recently announced provincial budget, saying following the policy the department of finance despite the prevailing financial difficulties has planned the establishment of microfinance division for provision of subsidized flour and ghee to the people. Under first phase of the project, he said the provincial government in collaboration with the Bank of Khyber is providing an amount of Rs.1 billion for the establishment of first Islamic Micro Credit Division. 

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