KP, Akhuwat introduces interest-free loans for entrepreneurs

Peshawar: The Khyber Pakhtunkhwa (KP) government and Akhuwat Foundation have signed an accord to launch the ‘Interest-Free Microfinance Scheme (IFMS)’ aimed to encourage entrepreneurship and cottage industry in newly merged districts, according to a news source published.

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Reportedly, the IFMS initiative will offer small-scale loans of up to PKR 75,000 to finance small and medium entrepreneurs operational in the newly-merged districts. The loan scheme will involve a revolving fund of PKR 1 billion. Under the IFMS, a 25% quota has been reserved for women, 5% for disabled people and 2% for the transgender community.

A ceremony in this regard was held at KP Chief Minister’s residence with Chief Minister Mahmood Khan as chief guest. The interest-free loan will facilitate as many as 219,000 people of the merged areas over the next 13 years.

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Regarding the development of merged districts, Minister Mahmood Khan said that the KP government will extend the initiative into other districts in a phase wise manner, starting from the underdeveloped areas.

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