By Menahill Rashid
FAISALABAD: Small loans could play a major role in weeding out extreme poverty within a shortest possible time from the country, said Mr. Atif Munir Sheikh, President Faisalabad Chamber of Commerce & Industry (FCCI).
Distributing cheques among needy persons by microfinance institution “Zad-e-Rah”, he said that corona had badly affected the global economies; however the situation is now returning back to normalcy. “We are facing chronic problems of poverty and unemployment”, he said and added that the private sector is playing its key role to supplement the Government efforts in this respect. He said that it is very encouraging that small interest free loans have helped a major chunk of the poor to start their own businesses and earn respectable livelihood.
“These people are very responsive and are paying back their loan liability well in time”, He further said and added that Zad-e-Rah so far has disbursed loans amounting to Rs. 2 million and this process is continuing as beneficiaries are paying back their loans regularly with full responsibility. He also appreciated the efforts of Mr. Ihsan Elahi Malik Patron-in-Chief, Mr. Arif Ihsan Malik Chairman and Sheikh Javed Anwar Vice Chairman of Zad-e-Rah and assured that other philanthropists would also contribute their role in this noble cause.
Earlier Mr. Arif Ihsan Malik welcomed Atif Munir Sheikh and said that every month cheques are distributed among 60-70 applicants.
He said that women are also getting this facility to start their own businesses. He also said that the recovery of the loan is hundred percent which is very encouraging.
