KARACHI, August 20, 2021: The State Bank of Pakistan (SBP) has issued the latest exchange rates for customers on Friday, August 20, 2021.
(more…)Author: Faisal Shahnawaz
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SBP approves Rs82.6 million interest free student loan
KARACHI: The State Bank of Pakistan (SBP) has approved an amount of Rs82.6 million as interest free loan for deserving students.
The apex committee for Student Loan Scheme having representation from State Bank of Pakistan, Finance Division (Government of Pakistan) and five major banks (NBP, HBL, UBL, ABL and MCB Bank) has approved Rs 82.6 million as interest-free loans to deserving students for their studies within Pakistan.
The amount, approved by apex committee, will be disbursed to 518 deserving students of public sector universities across the country, studying in different disciplines of under-graduation, graduation and PhD studies for the Session 2017-18, 2018-19 & 2019-2020.
The objective of the Student Loan Scheme is to provide financial assistance to the meritorious students having insufficient means. The loans are granted for a maximum tenor of 10 years from the date of the disbursement of first installment and repayable in monthly installments after six months from the date of first employment or one year from the date of completion of studies, whichever is earlier.
National Bank of Pakistan, being the administrator of the Scheme, performs all the functions like receiving and scrutinizing the loan applications, disbursement of loans and their recovery.
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ADB approves $235 million to upgrade Pakistan roads
ISLAMABAD: The Asian Development Bank (ADB) has approved $235 million to Pakistan on Thursday to enhance national highway in country.
A statement issued by ADB stated that the project will focus on expansion of 222-kilometer Shikarpur-Rajanpur section of National Highway into four lane carriageway from a two lane road.
The expansion is part of the Central Asia Regional Economic Cooperation (CAREC) Corridor 5 which links the ports of Karachi and Gwardar in southern Pakistan with national and international economic centers to the north.
The Transport Specialist in ADB said that the project will increase space of the busy highway section that travels through the busy economic centers in Sindh and Punjab.
They further said that the project will ensure the road safety so that the users can travel easily and smoothly. They will also construct the bus stops and emergency response centers to facilitate the people. The first tranche of the loan of $180 million was issued in September 2017 for the improvement of 143 kilometers of Highway in province of Sindh and Khyber PakhtunKhwa.
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