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PM launches interest-free loan scheme

Updated June 26, 2014

ISLAMABAD: Prime Minister Nawaz Sharif on Thursday launched an interest-free loan scheme and said that the government would serve the nation without any discrimination, DawnNews reported.

Premier Sharif said Rs2.5bn would be spent annually on the government grants and in the next four years one million people would be able to avail the facility.

The Rs50,000 per person interest-free loan, with relaxed conditions, would form the backbone of the country's economic stability and will be offered indiscriminately to all the citizens of the country, the prime minister said.

The relaxed conditions mean that the loan applicant would not be required to present any guarantor or collateral to avail the loan scheme.

"We have to serve the whole nation regardless of whom they voted for, even those holding protests will be able to avail the loan facilities provided by the government," he added.

The prime minister further said that the loans would be provided to those people who have not taken any bank loans in the past and 50 per cent of the recipients would be women.

Talking about the role of women, Sharif said, "We want women to develop and also contribute to the development of society".

He also said that in the government had allocated a 10 per cent quota for women in the loans being provided to citizens under different development schemes announced by the government last year.

Prime Minister Sharif also said that the establishment of the Dasu hydel project would be Pakistan's largest power production facility generating up to 4,300 negawatts of electricity.

He added that the 4,500 megawatts Bhasha dam would also be constructed which would help eradicate darkness from the country.

— Irfan Haider contributed to the reporting of this story