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| October 3, 2005 | Monday | Sha’aban 28, 1426 |
Khushhali Bank to open offices in Fata
PESHAWAR, Oct 2: More than 50,000 families and businessmen of Fata would benefit from a USAID-financed project of Khushhali Bank which agreed to set up its branches in all seven tribal agencies of the northern belt.
Besides establishing educational institutions, the USAID has worked out a plan to generate employment schemes across the Fata and in first attempt micro-loan services be extended through Khashhali Bank that would benefit the next educated generation, remarked USAID Deputy Assistant Manager Mark Ward while addressing the inauguration program on Saturday.
Mr Mark said that during his visit to Fata, he was surprised to see that the schools financed by the USAID became centres of knowledge and expressed hope that these would benefit the dwellers of the area in near future.
He also lauded Pakistan for starting micro-credit scheme, which in most parts of world particularly in under-developed countries, has rendered a lot in boosting the economy.
The USAID delegate said that in case the scheme was followed with letter and spirit the people of the area would find ample chances of socio-economic benefits across Fata and adjacent areas as well.
Commenting over the USAID-financed social development projects in Fata, he said some years back the USAID decided to contribute in social uplift of tribal areas. At first it was decided to set up new educational institutions and later to carry out economic development projects as both the education and finance contribute a lot in economic growth of any country.
Divulging about the construction of schools in the Fata, he said that the project being jointly financed by USAID and Japan, adding that these newly- constructed schools were equipped with the latest tools of laboratories.
He also congratulated Khushhali Bank for their achievements over the past one-and-half years.
“With the support of USAID, the bank has opened 20 branches and has hired the services of technical staff and distributed more than 135,000 loans to the clients of Sindh and Balochistan,” he said.
The new grant of $4 million will enable the bank to extend its credit services to all seven agencies of FATA over the next five years, he said.
Speaking on the occasion, President Khushhali Bank Ghalib Nishtar said that the bank would open its first branch in Khyber Agency and soon the entire area of the FATA would be offered at doorsteps. Defending 20 per cent interest over the loan, he said that they were providing small amount of loans from Rs10,000 to Rs100,000 and the amount was being provided with soft terms and conditions.
He also claimed that the repayment ratio was almost 96 per cent which, according to Mr Ghalib, was every encouraging for the bank. The high level of loan returns had encouraged the bank to extend its services, he added.
Regarding the micro-service in the area, he said that the system had already been proved successful in Bangladesh and credited President Pervez Musharraf for supporting the idea of micro-service.
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