ISLAMABAD, Nov 11: Prime Minister Nawaz Sharif on Monday approved the Youth Business Loan Scheme which will benefit 350,000 individuals.

The premier said at a review meeting of Youth Programme that the government would support talented and unemployed youth for making them self-reliant.

The prime minister directed to ensure transparency and fairness in loan disbursement process with directives: “No political and administrative interference will be tolerated and I will personally supervise and monitor the scheme to ensure youth in all parts of the country gain maximum benefits out of it”.

The scheme will provide loan to unemployed, especially educated youth for establishing or extending their businesses. 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.

The National Bank and First Women Bank (FWB) will execute the scheme under the supervision of State Bank of Pakistan (SBP) while other banks will join in after approval of their business plans. Loaning amount will be Rs0.5 million to Rs2m with an average loan size of Rs1.25m.

Finance Minister Ishaq Dar, Minister for Information Pervaiz Rasheed, Secretary to PM Javed Aslam, Governor SBP Yaseen Anwar and President FWB Ms Charmaine Hidayatullah attended the meeting.