PESHAWAR - The government has decided to establish ‘FATA Bank’ to revive economic activities, create job opportunities and provide investment facility in war-shattered tribal areas.

For this purpose, FATA Investment Facilitation Authority (FIFA) has formally started work on the plan. The proposed ‘FATA Bank’, would be established on the patron of the Bank of Khyber, Sindh Bank and Punjab Bank.

Talking to media persons, FATA Investment Facilitation Authority Secretary Arshad Majeed said that keeping in view its strategic position; FATA has too much importance in Pakistan. It is rich in mineral resources and manpower. But unfortunately, this region remained less developed in the past and its backwardness increased further in last one-decade because of lawlessness.

Besides, reviving economic activities, FATA Bank would also create job opportunities, remove backwardness and facilitate investors in tribal belt, he added. It is the vision of Governor Khyber Pakhtunkhwa Masood Kausar to establish FATA. FIFA under the supervision of Additional Chief Secretary FATA Dr Tashfain Khan was working on the plan, he told media.

However, to make it a professional commercial bank and prepare the feasibility for the bank, well reputed national and international professionals related to the banking sector have been invited for expression of interest, FIFA Secretary Arshad Majeed said.

There is too much possibility to promote international trade by establishing this bank, and it would be a big achievement, as at present over 40 lakh tribesmen are either working abroad or they have their own business, he maintained. In other words, it would be FATA’s investment bank, as tribesmen are sending huge remittances from abroad. The proposed bank would provide services to the tribesmen at their doorsteps, Arshad Majeed concluded.