KP, FATA economic revitalisation project launching next month

PESHAWAR, Feb 25 (APP): World Bank funded US$ 14-million economic revitalisation project for flood and conflict affected small and medium enterprises (SMEs) in Khyber Pakhtunkwha (KP) and federally administered tribal area (FATA) is likely to start from mid of next month. Proposals for the utilisation 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 the reporter Thursday. Out of the total fund of US$ 14 million would be utilised under multi-donor trust fund. US$ 7.8 million would be spent on the rehabilitation and revitalisation of affected SMEs in Khyber Pakhtunkhwa and remaining US$ 4.2 million is specified for the FATA. Giving details of the project, the provincial chief Smeda said that 70 per cent of the total amount with maximum limit of Rs 1 million would be spent on rehabilitation support, 20 per cent 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 per cent with maximum limit of Rs 0.3 million would be utilised 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 scrutinise 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 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.