ISLAMABAD: Prime Minister Imran Khan took yet another step towards economic development as the federal government decided to set up the first corporate restructuring company in Pakistan, media sources said on Wednesday.

The upcoming company, Pakistan Corporate Restructuring Company Limited (PCRCL), will be set up with the aid of 10 domestic banks with an initial Rs500 million paid-up capital. By reviving afflicted organizations in the region, the company aims to create employment opportunities.

After PCRCL is established, the initiative under the Corporate Restructuring Companies Act will increase the rate of economic growth. The new entity must’ acquire, administer, restructure, address Financial Institutions’ Non-Performing Assets (NPAs) and reorganize and restore corporate and financially troubled firms,’ read the notice.

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It further claimed that Habib Bank Limited, National Bank of Pakistan, United Bank Limited, MCB Bank Limited, Allied Bank Limited, Meezan Bank Limited, Bank Al-Falah Limited, Bank Al-Habib Limited, Habib Metropolitan Bank Limited, and Faysal Bank Limited are domestic banks.

PCRCL is considered a dynamic economic agent that would revitalize distressed organizations and revive disabled industrial units.