LAHORE, March 19: The Islamic Development Bank has offered a minimum two million dollar loan for the establishment of new industrial units and expansion of the existing ones in Pakistan.

Islamic Development Corporation Director for Private Sector Dr Ali disclosed this during a meeting of the Lahore Chamber of Commerce and Industry held here on Friday with Vice-President Shahzad Ali Malik in the chair.

He said that loans would be offered on personal, corporate and bank guarantees and mortgage basis. The corporation had advanced long-term soft loans to industrialists in 12 Islamic countries, including Azerbaijan and Kazakhstan, since its establishment in 1999.

The corporation, he said, was interested in purchasing shares of industrial units and providing machinery on leasing basis and was providing direct and structure financing and advisory services to industry beside advancing loans for healthcare, oil and gas, infrastructure, pharmaceutical, telecom, IT sectors and financial institutions.

Islamic Chamber of Commerce and Industry Secretary-General Aqeel Al-Jassem said the Islamic Development Corporation was playing a significant role in development of Islamic countries.

Shahzad Ali Malik said the corporation should not restrict its financing facilities to only big industrial units and extend it to the small and medium enterprises as well.

Former Federation of Pakistan Chambers of Commerce and Industry president Iftikhar Ali Malik, former LCC&I President Mian Tajammal Hussain and Banking Committee Convener Khalid Rafiq also addressed the meeting.