Provincial Minister for Industries, Muhammad Ajmal Cheema has said that memorandum of understanding (MoU) would soon be signed between Punjab Small Industries Corporation and USAID under which both organisations will cooperate with each other for the promotion of industries.
He revealed this while presiding over PSIC meeting here on Friday. He said that Punjab Small Industries Corporation (PSIC) has evolved comprehensive strategy for promoting small and medium industries, which will result in generation of new job opportunities as well as poverty alleviation.
He said that cluster development centers and business support centers were being set up in various cities of the province where training would be imparted to the people on modern machinery.
He said that a new loan scheme would also be initiated at a cost of rupees one billion for the promotion of small and medium industry in the next fiscal year, he added. The minister said that loan up to Rs 40,000 is being provided for the promotion of cottage industry and its rate of return is 98pc.