Punjab Minister for Industries and Commerce Chaudhry Shafay Hussain has announced a Rs300 billion programme this year, under which interest-free loans of up to Rs100 million will be provided.
He made the announcement while chairing a meeting of the Board of Directors of the Punjab Small Industries Corporation (PSIC) at PSIC House, Davis Road, Lahore. The board reviewed a one-point agenda and took several decisions aimed at accelerating industrial and commercial activity in the province.
Under the programme, loans between Rs100 million and Rs1 billion will carry a 3 percent mark-up, while loans between Rs1 billion and Rs5 billion will carry a 5 percent mark-up. The minister said interest-free loans are already being provided under the Chief Minister’s Asaan Karobar Finance Scheme.
The board approved filing an appeal in the Federal Constitutional Court against a decision on employee pensions. Chaudhry Shafay Hussain said the ruling of the Lahore High Court division bench would be challenged in the federal court.
The minister also directed that work on improving infrastructure in 24 small industrial estates across the province be expedited.
The meeting was informed that the first small industrial estate has been established in Mandi Bahauddin. Plots there will be allotted through a fully online process, and 20 percent of the plots have been reserved for overseas Pakistanis.