Extreme poverty: Small loans could play major role: FCCI president

FAISALABAD: Small loans could play a major role in weeding out extreme poverty within a shortest possible time from the country, said Atif Munir Sheikh, President Faisalabad Chamber of Commerce & Industry (FCCI).

Distributing cheques among needy persons by microfinance institution "Zad-e-Rah", he said that coronavirus had badly infested the global economies; however the situation is now returning back to normalcy. "We are facing chronic problems of poverty and unemployed", 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 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 said and added that 'Zad-e-Rah' so far has disbursed loans amounting to Rs2 million and this process is continuing as beneficiaries are paying back their loans regularly with full responsibility.

Copyright Business Recorder, 2021