PESHAWAR – Chief Minister Khyber Pakhtunkhwa Amir Haider Khan Hoti has formally launched the government’s another revolutionary initiative for industrial development in the province at a gathering in the CM House on Tuesday.

Under the programme, long-term loans on soft terms will be offered to industrialists for development of industry and setting up new industry with allocation of Rs 1 billion for the programme during the current year.

An MoU was signed between Bank of Khyber and Provincial Industry Department on the occasion. Senator Ilyas Bilour, Provincial Industry Minister Sami Ullah Alizai, Secretary Industry Fazal Karim Khattak, Secretary Finance Sahibzada Saeed, MD BoK Bilal Mustafa, members chamber of commerce, and industrialists were also present on the occasion.

Addressing the gathering on the occasion, the CM paid tributes industrialists and business community for their role to boost trade activities in the province despite tough circumstances. He said that this programme of industrial development has been prepared on the recommendations of industrialists and chambers and has been launched.

He said that more resources were available this year and it’s an opportunity to cope with the daunting challenges. He said that in order to benefit from these opportunities, the government has initiated special initiatives this and the previous years.

He said that these loans will be offered for the establishment of new industry, improvement in existing industry and agro-based industry that will make available employment opportunities and will enhance business activities in the province.

He further said that distribution of loans will be purely on need and merit basis.

He said that scheme of free treatment to cancer patients and laptop scheme for intelligent students will commence this month while bearing the importance of IT needs, the establishment of another IT Park in Abbottabad was also under consideration. He said that terrorism and militancy can be tackled with more investment in development of education and industrial sector.

He said that the wheel of development needs to keep on moving. He said that five projects under the Provincial Action Plan for hydropower generation have been launched.

He said that this will help lessen energy crisis and will earn resources worth billions for the province.

He said that Oil and Gas Company of the province will soon be realized and provincial board of investment has been established and its formal meeting will soon convene.

He said that recommendations of business community have been considered in selection of members of the board.