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Micro Credit Bank likely in May: Shaukat

KARACHI: The Micro Credit Bank is expected to start functioning in May this year.

This was stated by the Federal Minister for Finance and Economic Affairs, Shaukat Aziz, while talking to reporters on Monday after the inaugural ceremony of the Small and Medium Enterprises Association of Pakistan.

He said that Ghalib Nishter has been appointed as the chairman of this bank.

The minister said that ordinance is being prepared for such a bank and legal formalities are being chalked out.

He stated that Ghalib Nishtar, the CEO of the Micro Credit Bank is in the process of forming his team and recruitment has started.

The minister said that the head office of this bank will be in Islamabad.

He pointed out that this bank would be run with less expenditure and no money would be spent on buildings or Pajeros.

Shaukat said that Ghalib Nishtar will announce details about paid-up capital etc within a few weeks. APP