CM launches Economic Revitalization Project for rehab of SMEs

[Salman]

CM launches Economic Revitalization Project for rehab of SMEs

PESHAWAR: Chief Minister Khyber Pakhtunkhwa Ameer Haider Khan Hoti has formally launched Economic Revitalization Project for rehabilitation of terrorism affected Small and Medium Enterprises (SMEs) in Khyber Pakhtunkhwa and FATA.

The project worth $20 million has been prepared in collaboration with World Bank, Multi Donors Trust Fund (MDTF), SMEDA and Government of Pakistan. Grant will be offered to SMEs, Industries and Traders under the project.

The limit of grant under the project reads as Rs.25 million for rehabilitation, Rs. 1 million for up gradation Rs.5 million for up gradation grant cluster and Rs.300,000 for capacity construction. The project will help initiation of economic revitalization projects and employment opportunities.

The Chief Minister handed over assistance cheques of different amounts to people of affected business community. Addressing the gathering, the CM said that the government has faced challenge of militancy since its inception and later on flooding 2010 has adversely affected the economy and industry of the province.

He said that the government, along with cooperation from the people, has not only daringly faced the circumstances but also undertaken steps for rehabilitation of damages and infrastructure and provision of employment opportunities.

The CM said that donors have fully assisted Khyber Pakhtunkhwa in every hour of test and trial and effort of donors for revitalization of economic activities in flood and insurgency affected Khyber Pakhtunkhwa and FATA, were highly commendable.

He said that government and people of the province highly revered these efforts.

He said that terrorists were aiming at destroying the peace of entire region after Swat. He said that peace has been restored in Swat due to collaborative efforts of the government, people and Pak Army.

Millions of people had migrated and left their belongings but the people of Khyber Pakhtunkhwa through spirit of brotherhood and vibrant and active role of Pak Army, the return of people and reconstruction have been ensured within short span of time.

He said that the credit of all these achievements went to the people of this province which has supported the government in all its difficulties.

The CM also hailed the spirit and commitment of traders and business community who kept on running the wheel of economic activities despite untoward circumstances.

The CM termed peace and stability in Khyber Pakhtunkhwa and FATA interlinked to peace in Afghanistan. He cited his government's special initiatives for alleviation of poverty and controlling unemployment that include Bacha Khan Khpal Rozgar Scheme, Hunarmand Rozgar scheme and other people welfare programs.

He said that Bacha Khan Khpal Rozgar scheme worth Rs.2 billion will go up by Rs.1 billion this year, adding, it received wide appreciation due to its merit based implementation and free from political influence.

The Chief Minister said that the provincial government has prepared in collaboration with UN, EU, World Bank and Asian Development Bank for rehabilitation of flood devastated infrastructure and settlement of affectees.

He said that the basic objectives of the report were to restore citizen's trust; to stimulate employment and livelihood opportunities, to ensure provision of basic services and to foster reconciliation and counter extremism.

He said that unfortunately terrorism has crated negative impacts on almost every aspect of life particularly trade and business sectors.

He termed Economic Revitalization Project much more encouraging that aimed at rehabilitation of SMEs, attracting investment and development of long term growth opportunities for private sector.

He hoped that the project team will work devotedly and in a transparent manner to prove the project a success.

Provincial Minister Sami Ullah Alizai, Federal Secretary Industry Aziz Bilour, Program Coordinator Mr. Robert and Javed Iqbal also addressed the gathering and threw detailed light on objectives of the project.