RAWALPINDI, March 5: A foundation is being set up in the district to provide small loans to unemployed youth, Punjab governor Lt-Gen (Retd) Khalid Maqbool said.

Speaking at a meeting, he said the foundation would provide loans up to Rs15,000 at nominal markup to help deserving individuals set up small businesses.

The governor said there were also plans that initially the payment of markup could be arranged through philanthropists and only the principal amount was recovered from the borrower.

Seed money of Rs10 million is being provided by a private housing society, whereas Rawalpindi Chamber of Commerce and Industry has been asked to arrange another Rs5 million.

The governor set up a committee, comprising officials of Zarai Taraqiati Bank, University of Arid Agriculture and Social Welfare Department, to prepare a working paper for the new foundation. The body is headed by the district coordination officer.

Meanwhile, the governor, while talking about the issue of mass marriages, said the first such ceremony would be held on April 4, in which 50 couples would be wed. He added that five couples would be from minority communities.

Besides, equal representation has been given to all tehsils of the district. Priority will, however, be given to couples from far-flung villages. The mass marriages project is a brainchild of the governor, who had desired that the practice should be initiated in major cities of the province.

The spirit behind the plan is to reach out to the deserving couples and help them meet marriage expenses. The lists of intending couples will be compiled through Baitul Mal and District Zakat Council, whereas the district coordination officer will act as the coordinator.

The credential of the couples will be independently verified to ensure that only deserving people benefit from the programme.