LAHORE, April 16: Punjab Industries Minister Ajmal Cheema has said that the government will launch a loan scheme of Rs1 billion for the promotion of small and medium industries to facilitate creation of new job opportunities in the province.

Presiding over a meeting of the Punjab Small Industries Corporation (PSIC) here on Monday, the minister said small loans up to Rs40,000 were being advanced for the promotion of cottage industry in the province and the rate of recovery was 98 per cent. The survey of small, medium and cottage industry in areas had also been completed and would be published in the near future.

He said cluster development centres and business support centres were being set up for training the people in the use of modern office equipment. A mango processing unit was being set up at Multan at a cost of Rs350 million. Development of an export processing zone had been completed at Gujranwala whereas the development of Lahore Township Industrial Estate would be accomplished by December. An MoU for cooperation would be signed between the PSIC and the USAID soon. — Reporter