PESHAWAR: The Bank of Khyber has decided to offer loans to industrialists and traders in Khyber Pakhtunkhwa on easy instalments to enable them to overcome financial problems caused by the prolonged lawlessness.
The information was disclosed by BoK managing director Shamsul Qayum during a visit to the Khyber Pakhtunkhwa Chamber of Commerce and Industry on Monday.
Shamsul Qayum said his bank had planned to open 14 new branches in different areas, including Torkham, during the current year for the benefit of common man.
He said the bank had introduced house financing, retail financing, car financing and principal financing and that all of its branches would be equipped with modern technology.
The BoK managing director said the bank would also provide loans to businessmen associated with agriculture, construction and SME sectors.
He said feasibility reports of different projects would be prepared to help businesspersons in the province.
KPCCI president Fawad Ishaq informed the BoK managing director about the problems faced by business community in the province especially due to the delicate law and order situation.
He said terrorism had badly affected business activities in the province during the last several years and thus, causing huge losses to industrialists and traders.
Fawad Ishaq said the BoK should prepare financial plans and feasibility reports of projects to help improve industrialisation through easy loans and enable small and medium enterprises to stand on their feet.
He appreciated the BoK reforms for the services of business community and said he was hopeful that the bank would continue supporting the violence-hit industrialists and traders and thus, boosting local economy.
The KPCCI president said it was unfortunate that commercial banks had declared Khyber Pakhtunkhwa a red zone though they received 37 percent deposits from the province with the lending coming to less than two percent.
He said the law and order situation had improved to great extent as a result of the ‘Zarb-i-Azb’ military operation against militants.
“Industrialisation, trade and economy will improve in future,” he said, urging the BoK to support investors and SME sector.
On the occasion, KPCCI vice president Haji Iqbal Afridi offered investment through joint venture in the BoK projects worth 1,000 million rupees and stressed the need for provision of working capital to industries on priority basis.
KPCCI vice president Haji Iqbal Khan Afridi, executive committee members Sheharyar Lodhi, Abdul Qadir Saraf, Mohammad Iqbal, Rashid Siddiqui, Mohammad Ishtiaq, Abdul Jalil Jan and Floor Mills Association provincial president Malik Iftikhar Ahmad Awan also attended the meeting.