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LAHORE: A meeting was held at Pesk House under the chairmanship of Provincial Minister for Industry and Trade, Chaudhry Shafaq Hussain, to review the implementation of ongoing schemes of Punjab Small Industries Corporation (PSIC).

During the meeting, progress regarding the second phase of the Chief Minister’s Ease of Doing Business Finance Scheme was also reviewed.

The Managing Director of the Punjab Small Industries Corporation, Saira Umar, briefed on the implementation of development schemes.

Provincial Minister for Industry and Trade, Chaudhry Shafaq Hussain, said that the Chief Minister’s Ease of Doing Business Finance and Chief Minister’s Ease of Doing Business Card schemes played a significant part in encouraging small and medium enterprises.

The second phase of the scheme has now taken off following the success of the first phase. Under this scheme, interest-free loans are being provided ranging from Rs. 1 million to Rs. 30 million.

Under the Chief Minister’s Ease of Doing Business Export Finance for SMEs scheme, interest-free loans of up to Rs 50 million are being offered.

Chaudhry Shafaq Hussain further said that in the second phase of the Chief Minister’s Ease of Doing Business Finance Scheme, Rs. 9 billion will be provided as interest-free loans.

Under the four targeted schemes of the Chief Minister’s Ease of Doing Business Finance Program – Central, Northern, Southern, and Export schemes, interest-free loans worth Rs. 800 million have been provided so far.

A major program will be initiated next month to upgrade industrial infrastructure in 23 small industrial estates across Punjab, and the program will be implemented in a very transparent manner.

Completion of development schemes on time with quality would be ensured, and no compromise would be made on the quality of development schemes.

Setting up of new small industrial estates is also being carried out as per demand by the industrialists and requirements of the industry.

MD PSIC Saira Umar said that so far, 32,512 applications have been received for the second phase of the Chief Minister’s Ease of Doing Business Finance Scheme. Of these, 1,846 cases have been approved, and Rs 1.4 billion has been sanctioned for these cases.

During the second phase of the scheme, more than 1,228 people have been given interest-free loans amounting to over Rs. 800 million. The meeting was attended by MD PSIC Saira Umar, directors of Punjab Small Industries Corporation, and other officials as well.