06 March 2002 Wednesday 21 Zilhaj 1422

President to inaugurate bank

By Our Staff Reporter

ISLAMABAD, March 5: President Gen Pervez Musharraf will inaugurate here on March 11 the establishment of another Micro Finance Bank to offer small loans to the needy.

The bank is a joint venture between the Aga Khan Foundation and the International Finance Corporation, a subsidiary of the World Bank.

According to official sources, the bank will have a Rs500 million paid-up capital, which will be increased gradually.

The government had set up last year the Micro Finance Bank, now named Khushhali Bank, with an initial capital of Rs1 billion. The president will also be the chief guest at the launch of Serena hotel.