Peshawar, 25th March 2008: Khushhali Bank Limited (KBL) in collaboration with the United States Agency for International Development (USAID) has expanded the outreach of the KBL-USAID scholarship program in Pakistan, as a result of which 34 additional scholarships worth 6.5 million PKR are being offered to students pursuing professional degrees at the Institute of Management Sciences, University of Peshawar.

To commemorate the occasion, an awards distribution ceremony was held in Peshawar today that was widely attended by the University faculty, media and other dignitaries. Mr. Ghalib Nishtar, President Khushhali Bank Limited and Ms Anne Aarnes, Mission Director for USAID Pakistan were also present on the occasion.

Ghalib Nishtar, President, Khushhali Bank Limited, appreciated the support extended by USAID in facilitating such an initiative. Our aim is to not only improve the quality of education offered in the remotest areas of the country but also to expand the outreach of our scholarship program to benefit the underserved communities.” Nishtar further said that as a developing nation, the major problem obstructing our growth is lack of access to quality education, thereby affecting the development of the country’s vast pool of human capital. “By expanding the outreach of our scholarship program, we hope to give deserving students better opportunities for specialized education so that they have a chance to excel in life” he added.

The scholarships are being awarded on merit specifically to students from FATA who are currently enrolled at the University of Peshawar. The scholarship includes tuition and examination fees, along with course related material/books, boarding & lodging expenses and associated incidental charges. In addition, students receiving scholarships may also be offered special internship opportunities during their term at the University of Peshawar.

Emphasizing the USAID’s mission in Pakistan, Anne Aarnes, Mission Director, USAID Pakistan, said that the Khushhali Bank Limited - USAID Scholarship Program would help facilitate access to quality education for talented students from underdeveloped areas in Sindh, Balochistan and FATA region. “Through this collaboration, we sincerely hope to make a real difference in their lives”

Appreciating the initiative, Dr. Muhammad Javed Khan, Vice Chancellor, University of Peshawar thanked USAID and Khushhali Bank Limited. “Scholarships to deserving students provide them with an opportunity to fulfill their ambition to pursue higher education. This scholarship program has not only given an impetus to many deserving students but has provided immense encouragement to our university.”

With the addition of 34 scholarships under Khushhali Bank Limited - USAID Scholarship Program, the total number of scholarships to the University of Peshawar goes up to 47; whereas the total number of scholarships under this program to all major universities in Pakistan has gone up to 128.

About Khushhali Bank Limited: Khushhali Bank Limited (KBL) is rated as Pakistan’s largest and fastest growing retail microfinance bank operating under the Central Bank regulations. Established in the year 2000, the bank is funded by leading international financial institutions as a partnership between public, multinational and private sector commercial financial institutions. KBL’s mission is to market financial services tailored for the low income segment in line with international microfinance practices through an extended network operating across the country’s rural and urban divides.