Islamabad: Prime Minister Muhammad Nawaz Sharif has said that government would support talented and unemployed youth of Pakistan to make them self-reliant.
While chairing a meeting to review the Prime Minister’s Youth Program here on Monday, the Prime Minister approved Prime Minister’s Youth Business Loan Scheme under which three and a half lacs youth will be given loans.
The Prime Minister was apprised that the net beneficiaries from this Business Youth Loan Scheme will be about 10 million people hailing from the length and breadth of the country.
The Prime Minister directed to ensure complete transparency and fairness in the process of loan disbursement and further said that “no political and administrative interference will be tolerated in the loan scheme.”
The Prime Minister said that he would personally supervise and monitor the Loan Scheme so that the youth of the country gain maximum benefits from the scheme.
The meeting was also attended by Finance Minister Mr. Ishaq Dar, Minister Information Senator Pervaiz Rasheed, Secretary to PM Mr. Javed Aslam, Secretary Finance Dr. Waqar Masood Khan, Governor State Bank of Pakistan Mr. Yaseen Anwar, President First Women Bank Ms. Charmaine Hidayatullah, Acting President National Bank of Pakistan Mr. Asif Hassan, CEO SMEDA Mr. Ahmad Nawaz Sukhera and senior officers of PM Office.
The Small business loans scheme would provide loans to unemployed youth, especially educated youth looking for establishing or extending business enterprises.
All Pakistani young men and women aged between 21 and 45 with entrepreneurial potential would be eligible for this scheme with 50 % quota reserved for women.
Under the supervision of State Bank of Pakistan, initially the National Bank and First Women Bank would execute this scheme while as other banks may join in after approval of their respective business-plans.
Loans would range from Rs. 0.5 million to 2.0 million with average loan size of Rs. 1.25 million. The Debt-Equity ratio for these schemes would be 90:10 with tenure of 7 years.