PM approves Youth Business Loan Scheme

Published Nov 11, 2013 08:48pm
 Prime Minister Nawaz Sharif. -File Photo
Prime Minister Nawaz Sharif. -File Photo

ISLAMABAD: Prime Minister 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 ,inister's Youth Programme in Islamabad, 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 throughout 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 Rs0.5 to 2.0 million with average loan size of Rs1.25 million. The debt-equity ratio for these schemes will be 90:10 with tenure of seven years.


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Comments (10) Closed




kublai
Nov 11, 2013 11:50pm

Lion of Punjab's latest scheme to aid family members and corrupt inner circle of politicians.

I. Ahmed
Nov 12, 2013 12:05am

Beginning of another yellow cab scheme!

Khawar T khyam
Nov 12, 2013 01:58am

Another name of yellow cab scheme.

Syed
Nov 12, 2013 04:46am

Nawaz Sharif always try to do something for the country but the corruption and mismanagement on the lower level hampers everything.

How you going to run the business when you have shortages of basic needs and access to resources is based of how much bribe you can afford? why not first fix the platforms upon the businesses are run? starting with electricity and gas..

Do we have something called Industry Relations?

K.a.Muhammad
Nov 12, 2013 06:28am

Earlier it was "Yellow Cab" and now it is to be "Youth Business Loans". The business must go on. Earn when it is your turn.

Jugglery, roadside or political is a means to entertainment and earning.

mian waqar
Nov 12, 2013 03:56pm

I am disabled person ... I want to loan for my departmental store. .

syeda
Nov 12, 2013 04:13pm

I would like to know the details of the scheme. that is Is this an interest free loan & does it require any security or contract in return?

usman
Nov 12, 2013 07:36pm

thanx God that scheme should started I pray to Allah that i will also get it and make my future bright may Allah give long life to our PM ??

shoaib
Nov 12, 2013 09:29pm

i really need this loan for starting a business so kindly approve my humble request

MK
Nov 12, 2013 09:40pm

OUR PM is so smart businessman. he will not bring foreign businesses in the country, but give that money to the youth which he got in loans. Bravo PM. With all this corruption and lawlessnes how youth will run there businesses. " Char din ki chandni phir wohi andhari raat."

May Allah save this nation from these type of people.