LAHORE, Feb 26 (APP): The Punjab government has completed preparation for the industrial revolution in the province. On the instructions of the chief minister, the working of the “Punjab Industrialisation Programme” has been completed, under which the target of establishment of 100 new industries has been set.
According to the official sources, a new framework has been prepared for industrial development, in which export industries, agro-processing, pharma and IT infrastructure have been declared priority sectors. Financing of up to Rs 150 billion will be provided through the Bank of Punjab for the establishment of new industries.
It is proposed to provide loans of up to Rs 2 billion to each industrial unit, the tenure of which will be 10 years, while a grace period of two years will also be included.
Under the scheme, the government has recommended providing mark-up subsidy of more than Rs 76 billion. Capital and working capital financing facility will also be provided at low interest rates.
Industrial estates, special economic zones and projects established on private land will also be eligible for this programme.
A steering committee will be set up for implementation. Officials say that this scheme will play a key role in increasing employment opportunities, investment and exports.