The Punjab government has approved Rs500 million in interest-free loans for women entrepreneurs and skilled workers.
The Punjab Small Industries Corporation board approved the scheme during its 137th meeting.
The meeting was chaired by Provincial Minister for Industries and Commerce Chaudhry Shafay Hussain.
Under the approved scheme, women entrepreneurs and skilled workers will be able to get interest-free loans from Rs500,000 to Rs100 million.
Who will be able to get loans under the scheme?
The meeting also approved a Rs500 million revolving fund to support small and medium-sized businesses.
People starting new businesses will be able to get interest-free loans of up to Rs100 million. Existing businesses can get up to Rs5 million to expand their work.
The board also reviewed progress on new small industrial estates in areas including Hafizabad, Sahiwal, Toba Tek Singh, Sargodha, Khanewal and Okara.
Officials said land has already been identified for the proposed industrial estates. The board also approved the establishment of an industrial park in Gujranwala.
What other projects are expected?
The board approved a schedule for the auction of unnecessary properties owned by the Punjab Small Industries Corporation.
It also approved the auction of the Handicrafts Development Centre in Murree. An alternative site will be purchased for a modern handicrafts shop.
Speaking at the meeting, Chaudhry Shafay Hussain said new small industrial estates were being established in different parts of the province.
This is based on the needs of industrialists and chambers of commerce.
He said the government was working to speed up industrial development and create more job opportunities.
The minister added that interest-free loan schemes were being introduced to support women and small and medium-sized businesses.
He said that the Chief Minister of Punjab’s Asaan Karobar Finance Scheme was also helping increase economic activity in the province.