ISLAMABAD: Pakistani Prime minister, Muhammad Nawaz Sharif has approved loan scheme for the youth, aimed at empowering them and making them self reliant.
Chairing a meeting here in Islamabad to review the ‘Prime Minister’s Youth Programme’ , he approved the Youth business loans scheme.
Under the scheme 350,000 youth would be given loans, whereby 100,000 loans released would be interest free and the rest 250,000 would be to set up small businesses with low mark-up rate.
The PM was told that, 10 million people will benefit from the scheme, hailing from all over Pakistan.
He said that, ‘No political and administrative interference will be tolerated in the loan scheme.’
The loan scheme will provide unemployed youth aged between 21-45 to set up their own businesses, whereas 50% of the quota has been reserved for women.
Loans ranging from Rs 0.5 to 2 million, with an average of Rs 1.25 million will be given.
The debt equity ratio for the scheme will be 90:10, with a grace period of seven years.