PESHAWAR: World Bank funded US$ 14 million Economic Revitalization Project for flood and conflict affected Small and Medium Enterprises (SMEs) in Khyber Pakhtunkwha and FATA is likely to start from mid of next month. Proposals for the utilization of fund and waiting for the release of the fund likely to be released in the mid of March to formally launch the project, Javed Iqbal Khattak, provincial chief Smeda told Associated Press of Pakistan (APP) on Thursday. Out of the total fund of US$ 14 million would be utilized under Multi-Donor Trust Fund (MDTF) US$ 7.8 million would be spent on the rehabilitation and revitalization of affected SMEs in Khyber Pakhtunkhwa and remaining US$ 4.2 million is specified for the federally administered tribal area (FATA). Giving details of the project, the provincial chief Smeda said that 70 percent of the total amount with maximum limit of Rs.1 million would be spent on rehabilitation support, 20 percent with maximum limit of Rs.0.75 million for individuals and Rs.5 million for cluster projects in head of up gradation support and 10 percent with maximum limit of Rs.0.3 million would be utilized for capacity buildings of the affected enterprises. The provincial chapter of Smeda in Khyber Pakhtunkhwa will be the implementation agency with project management units for both Khyber Pakhtunkhwa and FATA. Similarly, both KP and FATA will have their separate grants steering committees. In implementation stage a grants technical committee will scrutinize the cases and documents before sending it to Grants Review Committee for approval of the release of funds to the affected enterprises. The Grants Review Committee (GRC) will comprise of a representative of Smeda to be nominated by the Chief Executive Officer (CEO) of the authority, two representatives of FATA Secretariat, two representatives of the government of Khyber Pakhtunkhwa, one each representative of private sector from KP and FATA, representative of banking sector and Project Manager, which will be a non-voting member. The Grants Review Committee will be responsible for approval and disapproval of the proposals submitted by the Project Unit for grants and different categories. It will also supervise performance of the project unit in light of project objectives and approved PC-Is, monitoring performance of the project unit in light of objectives and targets of the project and guidelines provided by the Steering Committees.
The GRC will also have to review and approve quarterly reports of the project unit and forward it to the respective PCU/PMU and World Bank.
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