Govt to provide loans for establishment of utility stores: Asad Umar

Govt to provide loans for establishment of utility stores: Asad Umar

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Islamabad: Asad Umar, Minister of Planning, Development and Special Planning, said that Prime Minister Kamiab Jawan’s second phase of the plan will work with the Ministry of Industry to provide loans for the establishment of a franchise for public stores.

He is presiding over the PM’s Kamyab Jawan Project (PMKJP) meeting with the aim of establishing a franchise for utility stores in Pakistan.

The Minister of Industry Hamad Hazard, the Special Assistant to the Prime Minister of Youth, Mohamed Usman Dahl, the Managing Director of the Utility Store and senior government officials attended the meeting.

Asad Umar said that the advantage of providing loans to these franchises is to ensure loan guarantees, and these stores will effectively play the role of market stabilizers.

He further stated that the existence of enterprise resource planning (ERP) is a prerequisite for the successful monitoring and operation of such storage.

Hammad Azhar said his ministry will evaluate the proposed plan to lend about 1,000 concessions to USC and will also work on proposing a model for building new stores.

He added that after successfully launching the pilot project, loans for opening franchise rights will be expanded.

After agreeing on the proposals of all stakeholders, the meeting decided to provide loans to the plan under the Prime Minister Kamyab Jawan plan.

Usman Dar told the conference that about 250,000 applicants who applied for loans under Prime Minister Kamyab Jawan’s plan were interested in opening retail stores.

He said that loans under PMKJP can be extended to already established franchises, or to new franchises under Utility Stores Corporation.

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