LAHORE, Oct 12: Chief Minister Shahbaz Sharif has said the Punjab Rozgar Bank is being launched in the province and loans will be given to the unemployed youth on soft terms through the bank.

He was addressing the launch of a book, Akhuwat Ka Safar, by Akhuwat Chief Executive Officer Dr Amjad Saqib at Alhamra, a handout said on Saturday.

Shahbaz said Rs10 billion were available in the Punjab Educational Endowment Fund and Rs2 billion more would be added to it every year. He said 50,000 children, facing financial constraints, were getting education from the fund, adding that after five years, 100,000 poor children would get education through the fund.

He lauded Dr Saqib, saying that he had started Akhuwat with Rs10,000 but so far his organisation had distributed Rs6 billion among the youth as interest-free loans and the recovery of the loans was almost hundred percent. He said the Punjab government had also distributed loans through Akhuwat.

The CM said the countries smaller than Pakistan had utilised science and technology and had relations with super powers on equality basis whereas our nation, despite being an atomic power, was forced to accept the orders of foreign forces. He said there was no dearth of resources in the country but lack of commitment.

Poverty and unemployment could be eliminated through education, Shahbaz said, adding that the goal of development and prosperity could be achieved by equipping the youth with modern knowledge.

The chief minister also inaugurated the Akhuwat Online Donor Portal by through a computer button.

Punjab Art Council Chairman Attaul Haq Qasmi, Mujeebur Rehman Shami, Pakistan Rural Support Programme Chairman Shoaib Sultan Khan also spoke.