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Govt plans to revamp Board of Investment

July 20, 2013
- File Photo
- File Photo

ISLAMABAD: Finance Minister Mohammad Ishaq Dar has indicated that the government may revamp Board of Investment (BoI) with an objective of making it a ‘one window-one stop operation’ for investors.

In a meeting with USAID Director Gregory C. Gottlieb here on Friday, the finance minister said that the government also plans to revitalise the Small and Medium Enterprise Development Authority (Smeda) and reconnect it with the private sector so that they can benefit from the institution for setting up small and medium term businesses.

The USAID director offered that the US agency for development is ready to work with the government and provide technical and technological support to BoI and Smeda for enhancing capacity of these organisations.

Mr Dar informed the USAID official that institutions, like BoI and Smeda, were established during the previous government of Prime Minister Nawaz Sharif to encourage business and facilitate them in the provision of conducive environment. These institutions continue to be close to the heart of the prime minister, he said.

Finance Minister Dar stated that small and medium enterprises have a special place in the strategy being formulated by the present government to revive the economy.

A scheme has been introduced to enable the youth to start their own businesses, and loans would be made available to them in a transparent manner through banking system.

Under the scheme, loans ranging from Rs100,000 to Rs2 million would be available at a mark-up cost of eight per cent.

The remaining cost of mark-up would be borne by the government.

In addition, a sum of Rs2 billion has been earmarked for macro-finance to encourage small businesses, he said.