ISLAMABAD: Prime Minister Muhammad Nawaz Sharif on Monday said the government would support talented and unemployed youth of Pakistan to make them self-reliant.
Chairing a meeting to review the Prime Minister’s Youth Programme here, he approved the Prime Minister’s Youth Business Loan Scheme under which 350,000 youth would be given loans.
The Prime Minister was apprised that the net beneficiaries from the Business Youth Loan Scheme would be about 10 million people hailing from the length and breadth of the country.
He 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 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 Ishaq Dar, Minister for Information Senator Pervaiz Rashid, Secretary to Prime Minister Javed Aslam, Secretary Finance Dr Waqar Masood Khan, Governor State Bank of Pakistan Yaseen Anwar, President of First Women Bank Ms Charmaine Hidayatullah, Acting President National Bank of Pakistan Asif Hassan, CEO SMEDA Ahmad Nawaz Sukhera and senior officers of the Prime Minister Office.
The small business loans scheme will provide loans to the unemployed youth, especially educated, looking for establishing or extending business enterprises. All Pakistani young men and women aged between 21 and 45 with entrepreneurial potential will be eligible for the scheme with 50 per cent quota reserved for women.
Under the supervision of State Bank of Pakistan, initially the National Bank and First Women Bank will execute the scheme while other banks may join in after approval of their respective business-plans.
Loans will range from Rs. 0.5 to 2.0 million with average loan size of Rs 1.25 million. The debt-equity ratio for these schemes will be 90:10 with tenure of seven years.