ISLAMABAD: The Balochistan government has initiated process to hire consultancy services of a company for setting up a Bank to boost economic activities in the province.

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 Balochistan government privy to the development told APP on Monday.

He added that the facility would be established as a commercial, investment and development bank, being financed through a fund provided by the World 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 enhance 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 the province, he said, adding that the bank would not benefiting the people in the cities but also the locals who have no access to banking in the province.