Balochistan govt allocates Rs 1b to establish Bank of Balochistan

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Islamabad

Balochistan government has allocated Rs 1 billion for the establishment of Bank of Balochistan from its own resources, which would provide employ-ment opportunities to many unemployed educated youth.

The Balochistan government has initiated process to hire consultancy services of a company for setting up a Bank to boost economic activities in the prov-ince.

The initiative was aimed at providing monetary incentives to businesses which would eventually spur economic growth and create more employment opportunities in the province, an official of Ba-lochistan government told APP.

He added that the facility would be established as a commercial, investment and development bank.

The official said, “Its operations will regulate the commercial and Islamic banking under one wing in the supervision of state bank leading to broaden the base of banking in the region.

He said the bank would herald more commerce and financial developments which would eventually benefit the residents of province. It would also en-hance overall lending and mobilization activities, he added.

The establishment of Balochistan Bank will have a huge and long lasting impact on the financial and economic development of Balochistan, he said, adding that the Bank would not benefit the people in the cities but also the locals who have no access to banking in the province.–APP

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