Prime Minister Go Ahead for Youth Business Loan Scheme
Prime Minister of Pakistan Nawaz Sharif finally approved the youth business loan scheme on Monday which aims to support the shinning and brilliant youth of Pakistan to make them self reliance. PM was chairing the meeting of inister’s youth program in Islamabad.
After the approval of Prime Minister, Youth of Pakistan can take the business loans up to the limit of Rs.350, 000 in amount.
PM said that net beneficiaries from business loan scheme could be 10 million people from all over the country. In the discussion he instead to ensure the transparency in time of disbursement and political and administrative influence should not be endorsed.
The meeting was also attended by Finance Minister Ishaq Dar, Minister for Information Senator Pervaiz Rashid, Secretary to Prime Minister Javed Aslam, Secretary Finance Dr Waqar Masood Khan, Governor State Bank of Pakistan Yaseen Anwar, President of First Women Bank Ms Charmaine Hidayatullah, Acting President National Bank of Pakistan Asif Hassan, CEO SMEDA Ahmad Nawaz Sukhera and senior officers of the Prime Minister Office.
From the age bracket of 21 to 45 all Pakistani can participate and if they have real entrepreneurial attitude and potential, further 50% quota is reserved for the women.
State Bank of Pakistan will supervised the whole scheme and at first the National Bank and First Women Bank will carry out the scheme while other banks may connect in after endorsement of their respective business plans.
Loans will array from Rs0.5 to 2.0 million with standard loan size of Rs1.25 million. The debt equity ratio for these schemes will be 90:10 with term of seven years.