ISLAMABAD, Aug 1: A private microfinance institution has launched a programme to offer interest-free loans, up to Rs50,000, to the trainees of National Vocational Training and Technical Training Commission (Navtec) to help them start their own businesses.

In this regard, the executive director of Navtec Tariq Shafi Chak and the chief of the private institution, Akhuwat, Dr Mohammad Amjad Saquib signed a memorandum of understanding here on Monday. The private institution has allocated Rs10 million for the scheme.

Speaking on the occasion, Mr Chak said the programme was a positive step towards addressing unemployed youth who were ready to enter into the business stream.

Mr Chak said interest-free microfinance would certainly help in poverty alleviation. “This is a good effort to bring economic prosperity to the poor families living in the most backward areas of the country,” he said.