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Akhuwat Foundation disburses Rs6b loan with recovery rate of 99.85%

Akhuwat Foundation disburses Rs6b loan with recovery rate of 99.85%

LAHORE: Akhuwat Foundation, under the Chief Minister Self-Employment Scheme (CMSES), has disbursed Rs6 billion loans in two phases with a recovery rate of 99.85 per cent.

Akhuwat Foundation Founder Dr Amjad Saqib revealed this, while talking to the journalists at the foundation’s new head office.

The Punjab government gave Rs5 billion fund to Akhuwat Foundation, an interest-free microfinance disbursement organisation, as a loan for five years term through a bidding process.

As per the scheme, the Foundation disburses the micro loans to the poorest family of the province with maximum loan size of Rs50,000 with zero mark-up, which can be returned on easy monthly repayment plan.

Under the CMSES, so far Rs3 billion has been given to the Akhuwat Foundation while another tranche of Rs500 million will be released in one week or so and rest of Rs1.5 billion by the end of ongoing fiscal year, said Amjad, adding that so far over Rs8.5 billion cumulative disbursement has been made under CMSES.