PESHAWAR: Khyber Pakhtunkhwa Governor Shaukatullah directed the relevant authorities on Thursday to remove the bottlenecks and speed up procedural formalities for setting up the planned investment bank in the Federally Administered TribalAreas.

Presiding over a high level meeting held at the Governor`s House here, Mr Shaukatullah, according to an official handout, directed the authorities concerned to take appropriate and effective policy measures for setting up the first ever investment bank in Fata, making sure that it should be effective in promoting industries in the tribal areas.Terming the establishment of the investment bank as well as the financial institutions in Fata as the need of the time, he said the facilities would help the local businessmen develop international linkages by doing trade and business with counterparts in other countries.

`These institutions are also important for regularising trade and businesses in Fata, which would benefitthe local population and reduce poverty,` the release quoted the provincial governor as having said.

On this occasion, senior authorities of the Fata secretariat, Peshawar, made a presentation on the establishment of the first ever investment bank in Fata, apprising him of the current status of the initiative and the legalities involved in setting up the bank.