SEDF approves three projects for finance subsidy

Karachi: Chairman Sindh Board of Investment, Muhammad Zubair Motiwala has said that Sindh Enterprise Development Fund (SEDF) considers Islamic Financing as well as other mode of financing while approving applications and projects. Sindh Enterprise Development Fund’s vision is to support entrepreneurship development based on province’s competitive advantage. The main mission of SEDF is to introduce technology & bring value addition in non conventional and vital sectors of the economy by extending technical and credit assistance, he said while presiding 4th Board meeting of SEDF at his office here Monday.

Mohammad Younus Dagha, Secretary Sindh Board of Investment told the meeting that SEDF is providing financial subsidy to enterprises, which are looking forward to upgrade from basic skills to modern technology or setup Greenfield projects in
Agro-Processing, Dairy, Livestock, Poultry, Fisheries, Floriculture, Storage and Cold Chain, Mining and Processing of Minerals, Energy (Use of Solar, Bio-Gas & wind as a source of energy). He informed the Board that LDF 2012 would be held in January 2012. It would create awareness among the masses about investment potential in Sindh in these sectors.

Earlier, acting Secretary SEDF Mehboob ul Haq briefed the meeting about the applications recommended by the appraisal Committee for KIBOR. Members of Board went through all applications thoroughly and finally approved 3 projects namely Hilal Rice Mill, AMSKA Poultry Farm and Luaripak Livestock. Boards also in principle approved National Seeds ventures subject to some conditions and advised the Secretary SEDF to bring it again in appraisal committee after ratification. Acting Secretary also informed Board about the progress/ update on cases earlier approved by the Board.

Member Board of SEDF Naheed Shah proposed that new schedule of all projects must be provided in next meeting. She also proposed that some technical persons should be hired to evaluate the projects before submitting it to appraisal Committee/ Board meeting of SEDF. Member Board of SEDF also proposed that evaluation form/criteria must be declared so that it would helpful for appraisal committee as well as Board to accept or reject any application. Board members also approved the recommendation of HR Committee about raise in salary of Accounts Manager and Credit Manager by 10 percent respectively and 15 percent for Naib Qasid with effect from January 1, 2012.

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