PESHAWAR: The government of Khyber Pakhtunkhwa has given in-principle approval for the provision of concessional loans for youth and small and medium enterprises (SMEs) in the province.
The cost of the Bank of Khyber’s additional concessions on the loan schemes with flexible conditions will be covered by the provincial government.
This approval was granted by the caretaker provincial cabinet in a meeting held the other day with caretaker Chief Minister Muhammad Azam Khan in the chair, according to an official handout issued here on Wednesday.
In addition to the members of the caretaker cabinet and chief secretary Nadeem Aslam Chaudhry, the concerned administrative secretaries also participated in the meeting.
On this occasion, the representatives of the Bank of Khyber gave a detailed briefing to the Cabinet about State Bank of Pakistan loans for SMEs and youth, the benefits of the province’s participation in such schemes, and the benefits of this initiative of the provincial government. The interest rate will be reduced to zero for youth and institutions taking out loans.
The caretaker provincial cabinet also approved the transfer of 2 kanal and six marla of land for the establishment of a public library in Upper Karam, while it also approved the construction of a judicial complex on 13.5 kanal of land in Sarai Naurang (Lucky Marwat).
The provincial cabinet rejected both the payment of the provincial government’s portion of the 155 million dollar loan for the future and the at-source deduction of the 88.673 million dollar debt owed by Khyber Pakhtunkhwa from the funds received from the federal government for the eradication of polio. Note that the Punjab province has already voiced opposition to these demands from the federal government.
In the meeting, the provincial cabinet approved the review of the budget estimates allocated to the Khyber Pakhtunkhwa Housing Authority for the years 2022–23 and 2023–24, while the cabinet approved all Tehsil Municipal Administration’s (TMA’s) enforcement officers and the delegation of controlling officers to concerned Assistant Commissioners.