PSIC approves Rs 500m interest-free loan scheme for women entrepreneurs, artisans

LAHORE, Sep 01 (APP): Punjab Small Industries Corporation (PSIC) Board, in its 137th meeting here Tuesday, approved interest-free loan scheme worth Rs 500 million for women entrepreneurs and artisans.

Provincial Minister for Industries and Commerce Chaudhry Shafay Hussain chaired the meeting that considered a 14-point agenda items. The meeting reviewed progress on the establishment of new Small Industrial Estates in Hafizabad, Sahiwal, Toba Tek Singh, Sargodha, Khanewal, Okara and Kot Pindi Das, as well as the expansion of Sundar Industrial Estate.

The board members were informed that land had been identified for the establishment of the new Small Industrial Estates. The board also approved the establishment of an Industrial Park in Gujranwala, and an interest-free loan scheme worth Rs 500 million for women entrepreneurs and artisans. Under the scheme, women artisans and entrepreneurs will be eligible for interest-free loans ranging from Rs 500,000 to Rs 10 million.

The board also approved the establishment of a Rs 500 million revolving fund for the promotion of small and medium-sized enterprises (SMEs). Under the fund, interest-free loans of up to Rs 10 million will be provided for new businesses, while existing businesses will be eligible for loans of up to Rs 5 million for expansion.

The board also approved a schedule for the auction of redundant properties of Punjab Small Industries Corporation.

A relief package was approved for the allottees of cancelled plots at Sundar Industrial Estate-II. Under the package, allottees will receive a 20 percent relief on payment of their total outstanding dues. However, the allottees will be required to start construction of their factories within six months and bring their industrial units into production within two years, in accordance with the policy. The board also approved the auction of the Handicrafts Development Centre, Murree, and the purchase of an alternative site for establishing a state-of-the-art handicrafts shop in Murree.

Pension reforms for that PSIC employees were also approved during the meeting. Under the reforms, two new schemes will be introduced for PSIC employees, for which a loan of Rs 2.5 billion will be obtained from the government.

The board ratified the minutes of its previous meeting and approved various other administrative and financial matters.

Addressing the meeting, Provincial Minister for Industries and Commerce Chaudhry Shafay Hussain said that new Small Industrial Estates were being established in different areas according to the demands of Chambers of Commerce and Industry and the need of the industrial sector.

He said that the government was accelerating the process of industrialization to create new employment opportunities. In line with the vision of Chief Minister Punjab Maryam Nawaz Sharif, a conducive environment for investment had been created in Punjab, while effective measures had also been taken to promote small and medium-sized businesses.

Chaudhry Shafay Hussain said that a major programme for improving industrial infrastructure in Punjab’s 23 Small Industrial Estates was being launched this year. Under the programme, road infrastructure, sewerage and drainage systems in the Small Industrial Estates would be improved.

He said that the Chief Minister’s Asaan Karobar Finance Scheme was playing an important role in promoting economic activities across the province.

The Provincial Minister said, PSIC was also introducing new interest-free loan schemes to promote economic activities. He said that PSIC had enhanced its institutional resources through effective strategies and measures, adding that the additional resources generated would also be utilized to further expand business activities in the province.

Secretary Industries Umar Masood, Managing Director PSIC Mubeen Elahi and board members attended the meeting, while some board members participated through video link.