THURSDAY March 11, 2010  
   
  News:
February 16, 2010, Khushhali Bank in collaboration with American Business Council has given the first 20 cheques to the affected traders of Bolton Market under 'Bolton Market - Business Revitalization Program' of USAID in a ceremony held in Karachi. Khushhali Bank is managing the process of grant disbursement of USAID's funds of PKR 1 billion for the program.                  Islamabad, 21st November 2009, Khushhali Bank participated in the 3rd International Microfinance Forum 2009 which was inaugurated by the Governor, State Bank of Pakistan, Syed Salim Raza. Khushhali Bank was one of the main sponsors of the conference which witnessed huge attendance by delegates from both the public & private sector.                  August 11, 2009, Khushhali Bank celebrates its ninth anniversary to acknowledge the contribution and hard work of its employees, while resolving to make its clients a priority and rejoicing the unprecedented success of past nine years.                  Khushhali Bank Limited re-constitutes its Board of Directors for a term of three years. Syed Ali Raza, President, National Bank of Pakistan, being the chairman, the new Board of Directors consists of seven members, four representing the share holders three non share holding Independent Directors.                 
 
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The Government of Pakistan has obtained a funding of US$ 150 million from the Asian Development Bank (ADB) to support the operations of Khushhali Bank Limited and to promote microfinance sector in Pakistan. Khushhali Bank Limited utilizes a US$ 70 million component of this loan for micro-loans to the poor, particularly to the women of country's rural and urban areas and a US$ 10 million component has been allocated toward institutional capacity building. Another US$ 70 million component has been allocated to support policy reforms of microfinance sector in Pakistan.

Under the sector reforms, four endowment funds have been established at the State Bank of Pakistan to support the poor with periodic contributions from both the government and Khushhali Bank Limited to ensure sustained ownership. These measures are construed as a catalyst for broadening and deepening the country's microfinance market thus contributing towards poverty alleviation in the country on sustainable basis. They include:
   
  Microfinance Social Development Fund
  US$ 40 million fund supports social mobilization activities within poor communities.
   
  Earthquake Livelihood Restoration Fund
 
20,000 community groups will be formed for provision of equity support and working capital loans to 100,000 households to restore 100,000 livelihoods.
2,000 Community Infrastructure projects will be implemented with good community groups.

A fund of US$ 38 million to finance Earthquake Livelihood Rehabilitation Programme (ELRP) has been established in SBP which is managed by ELRF Committee.
   
  Risk Mitigation Fund
  US$ 5 million fund provides risk mitigation cover to micro borrowers of the bank.
   
  Deposit Protection Fund
 
US$ 5 million fund provides protection to micro depositors of the bank.
   
 
 
 
 
 
 
 
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