Nawaz launches youth business loans programme

By
Jaan Haider
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22
222

Prime Minister Muhammad Nawaz Sharif has launched ‘Youth Business Loans’ to help young entrepreneurs to initiate their own businesses.
It is designed to provide subsidized financing at eight percent mark-up per annum for one hundred thousand beneficiaries through National Bank of Pakistan and First Women Bank.
The total mark up rate would be fifteen percent but the Government would pay the remaining seven percent on behalf of applicants.
Those falling in the age group of 21 and 45 years are eligible to apply for loans from one hundred thousand to two million rupees.
Small business loans with tenure up to seven years plus one year grace period and a debt-equity ratio of 90:10 will be disbursed across the country including four provinces‚ Gilgit-Baltistan‚ Azad Jammu and Kashmir and Federally Administered Tribal Areas.
SMEDA has been tasked with an advisory role in the implementation of Prime Minister’s scheme.
Nawaz has said he is fulfilling the commitments made with the youth during election campaign.
Speaking at the launching ceremony‚ he said it is a big contradiction that loans worth billions of rupees are doled out to influential and resourceful people but underprivileged segments of the population are deprived of the opportunities.
The PM said youth in other countries are backbone of their economies and there is no reason that youth who constitutes sixty percent of our population should not take us to zenith of progress and development.
Nawaz said in the past nationalization of industries and banks destroyed the national economy.
He said our previous government denationalised and privatized the banks and now they are earning billions of rupees and paying taxes to the government. He said now the present government is going towards privatization of the entities.
Nawaz said it is not job of the government to run factories rather it should concentrate on improving law and order situation‚ weeding out terrorism‚ addressing sectarianism‚ and improving image of the country.
The PM said during his recent visit to the United States President Obama and senior members of his administration repeatedly asked one question as to what the United States can do to help Pakistan. Mian Nawaz Sharif said he told them that Pakistan needs more access to your markets and not any financial aid.
Speaking on the occasion‚ Prime Minister’s Youth Business Loans Chairwoman Maryam Nawaz said the launching of loans is in fulfilment of the Nawaz Sharif’s election commitments.
She said others only made pledges but the PML-N government despite financial crunch has successfully announced six youth welfare programmes including Youth Business Loans.
Maryam said there are only three conditions for the applicants – they should be Pakistani‚ holder of valid computerised national identity card and should have a guarantor.
She said forms of the Youth Business Loans would be available from Monday and these would be issued free.
Special counters have been set up at banks and SMEDA offices to facilitate applicants and guide them.
She also explained the procedure for processing of applications and other details of the Youth Business Loans.
The chairwoman said necessary checks have been put in place to ensure transparency of the loans.
Finance Minister Ishaq Dar said parts of the election manifesto reflected in the current year’s budget are practically being implemented.
He said Nawaz abolished his discretionary fund and the government slashed expenditure of the PM office by forty percent and other ministries and divisions by 30 percent. He said the number of foreign missions is also being slashed to save 3.5 billion rupees.
He pointed out that Pakistan’s position improved by twelve points in corruption index prepared by Transparency International.

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22 COMMENTS

  2. Open Call to Kashmiri Loan !!!
    All kashmiris are requested to apply as soon as possible for an interest fri loan.
    The only criteria is that you must belong to Lahore and preferably to Gawal Mandi area. Simultaneously, you have a good habit of eating Gurde Kalaji and Siri Pai.

  3. I hope the party has nothing to do with this.The scheme needs to be taken to the distant rural backyards and the youth encouraged and facilitated to apply.An extension plan is needed.

    • The 'party' may have nothing to do with this but the 'family' has. Maryam Nawaz is the Chairperson. I don't know why our leaders promote their family members the way they do.
      One Sharif is the PM, other is CM, a close relative is FM and now the daughter. How many more may be here and there is not known.

  6. i think it is a good step taken by present government by offering loan to our youth to provide them an opertunity to stand on their own foot.

  7. A Layer of happines is seen on the faces of youth generation on announcement of great PM. This is the result of PM’s love to nation as well as country. PM. M.NAWAZ SHARIF ZINDA ABAD

  14. This is very good step of PM, hes always trying to facilitate the whole nation across the country.

  16. This is very good new for Pakistani youth, who wants to settle in Pakistan, I hope all pakistani wants to make a Good Business in Pakistan but they can't because of investment, Nawaz Shareef have a Good decision for everyone,,,,,,,,,

    Thanks to Respected "Nawaz Shareef" for making us valuable

  17. يَا أَيُّهَا الَّذِينَ آمَنُواْ اتَّقُواْ اللّهَ وَذَرُواْ مَا بَقِيَ مِنَ الرِّبَا إِن كُنتُم مُّؤْمِنِين
    فَإِن لَّمْ تَفْعَلُواْ فَأْذَنُواْ بِحَرْبٍ مِّنَ اللّهِ وَرَسُولِهِ وَإِن تُبْتُمْ فَلَكُمْ رُؤُوسُ أَمْوَالِكُمْ لاَ تَظْلِمُونَ وَلاَ تُظْلَمُون
    سوره البقرة:2 , آيت:278-279

    O ye who believe! Fear Allah and give up what remains of interest, if you are truly believers. But if you do it not, then beware of war from Allah and His Messenger; and if you repent, then you shall have your principal; thus you shall not wrong nor shall you be wronged.

  19. sharif shahib ke scheme tu achi hai lakin ameer logon ke lye hai gharib log is se fida nhe utha sakte jis bechare gareeb ko 16 scale wala zamanat de ga wo use nokri bhe lagwa sakta hai aur jis kee pas property hai use loan lene ke zarorat kya hai

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