Peshawar: The Khyber Pakhtunkhwa Cabinet on Wednesday (January 5) approved PKR 6 billion subsidy scheme for Small and Medium Enterprises (SMEs) under the Industrial Policy 2020, according to media reports.
Chief Minister (CM) Mahmood Khan chaired the cabinet meeting, which was attended by the chief secretary, ministers, and administrative secretaries. Special Assistant to Chief Minister (SACM) on Information Barrister Mohammad Ali Saif disclosed that the subsidy scheme will encompass two components: Raast Working Capital Financing Scheme and Raast Modernisation Financing Scheme for SMEs. He added that the said scheme was introduced to address SMEs issue of access to credit.
CM’s aide stated that the financial facility will support liquidity required to sustain the businesses and related employment along with encouraging the growth of existing and new businesses. Under the said initiative, PKR 1.2 billion will be distributed every year, funded by the State Bank of Pakistan (SBP) until 2026. The SMEs will be allowed a maximum of PKR 2 million and a minimum of PKR 1 million financing. It was disclosed that the Bank of Khyber with the industries department will execute the scheme. During the meeting, the cabinet also approved the relaxation of KP Public Procurement Regulatory Authority Rules for tourism areas integrated development projects in Kalam and Naran to regularise the enhanced contract cost of the project. The cabinet also approved the provision of over three kanals of land for setting up a regional office of Anti-Corruption regional office of Anti-Corruption Establishment KP.
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