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Rs100bn employment scheme launched

September 06, 2006

ISLAMABAD, Sept 5: Federal Minister for Information and Broadcasting Mohammad Ali Durrani has said that Rs100 billion will be disbursed among two million people in five years under the President’s Rozgar Scheme through the National Bank of Pakistan.

The minister said at a press conference at the President’s House on Tuesday that the scheme would mainly target remote areas and provide employment opportunities to unemployed youth.

He said that around 12 million people were expected to benefit directly or indirectly from the scheme.

Earlier, President Pervez Musharraf launched the scheme and the minister explained its salient features.

Five kinds of Chinese made rickshaws — NBP Karobar utility store, mobile general store, transport, PCO and Tele-centre — were put on display in the President’s House.

The minister said the scheme would generate economic activities and contribute towards poverty alleviation and reduction of unemployment.

Applicants who were at least matriculate and between 18 and 40 years of age should obtain loan forms from all NBP branches to get loans ranging from Rs15,000 to Rs150,000 on six per cent interest rate while the government would subsidise the interest rate beyond six per cent, he said. He said the borrowers would be liable to repay the loan in five years.

He said presently applicants could get loans for opening mobile utility stores, motorcycle rickshaws, public call office and tele-centres, but the scope would be widened.

He said the scheme would serve as a means for trickling down of the benefits of economic growth to the common man.

Answering a question, the minister said the business to be initiated by the applicants would be insured. NBP President Ali Raza said the bank would process an application in 10 days after receiving complete documents.

In reply to a question, he said every applicant was expected to earn Rs10,000 to Rs12,000 per month through the scheme.

He said the forms would be available from Wednesday.

He expressed confidence that the scheme would be successful.