KP govt okays soft loans for youth

PESHAWAR: The Khyber Pakhtunkhwa government on Tuesday approved the provision of subsidized loans to the youth and the small and medium enterprises (SMEs).

The Bank of Khyber will offer further concession on the loan schemes with favourable terms with the provincial government covering the associated costs. The approval was given at a meeting of the caretaker provincial cabinet chaired by Chief Minister Muhammad Azam Khan, said an official handout.

KP Chief Secretary Nadeem Aslam Chaudhry and relevant administrative secretaries attended the meeting. The representatives of the Bank of Khyber briefed the cabinet about loans for SMEs and youth.

Through this initiative, the interest rates for borrowers and institutions will become highly affordable. The provincial cabinet approved the allocation of land for the establishment of a public library in Parachinar in Upper Kurram. The construction of a judicial complex in Serai Naurang in Lakki Marwat was also endorsed.

The provincial cabinet approved the review of budget estimates allocated to the Khyber Pakhtunkhwa Housing Authority for the year 2022-23, along with the budget estimates for 2023-24.

It also approved the delegation of enforcement powers to all Tehsil Municipal Administrations (TMAs) and the assignment of controlling officer powers to relevant assistant commissioners.The cabinet approved amendments to the Muslim Family Laws Ordinance 1961 and the inclusion of the oath about the finality of prophethood of Holy Prophet Muhammad (peace be upon him) in the Marriage Registration Form.