About five billion rupees worth micro credit loans have been disbursed among the poor strata of society during the current financial year, Governor State Bank of Pakistan Dr Ishrat Hussain said on Thursday. The micro credit was enjoying unprecedented recovery rate of 96 percent. The range of the micro credit is from Rs 25, 000 to 30, 000. It was being disbursed without any collateral among the people having no land or assets, he told PTV.
Beside commercial banks, Pakistan Poverty Alleviation Fund (PPAF), etc were also offering micro credit facilities to the poor people, he informed.
Governor State Bank said, two new micro credit banks have initiated their work in Karachi to provide self-employment opportunities to the poor and make them self-sufficient. The State Rank has urged the Sindh and Punjab governments to establish micro credit banks in their far-flung areas in a bid to eliminate poverty from the country.
In past five years the commercial banks had disbursed only Rs 9 billion to agriculture sector. While Rs 50 billion have already been disbursed till December 2004 by the commercial banks, he added.
About 62 percent credit has been disbursed among farmers having 12.5 acre. 23 percent loans have been disbursed among the people having 12.5 to 25 acre land.
It is hoped that Rs 100 billion target of next year would be achieved till the end of the current financial year.
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