PM approves interest-free loans worth Rs 3.5b

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As many as 50 percent of loan beneficiaries would be women while the disbursement of interest-free loans would start in the third week of June

Prime Minister Nawaz Sharif has described micro finance schemes as catalysts for political and economic development while termed micro credit an instrument of change for the poorest segment of the society.

The premier was addressing a meeting to review the progress of the interest-free loan scheme worth Rs 3.5 billion which will cater to one million people in Pakistan. Minister for Finance Ishaq Dar, Prime Minister Youth Scheme (PMYS) Chairwoman Mariam Nawaz, Finance Secretary Dr Waqar Masood and other government officials attended the meeting.

Nawaz said that such schemes could further boost productive economic activities in the country. He said that he was convinced that if the youth were given proper guidance and financial support through micro credit schemes, they could play a positive role in the country’s development.

During a briefing, Maryam Nawaz said, “Today we have fulfilled another promise of prime minister of Pakistan made with the youth of Pakistan. Transparency and merit are hallmark of our programme and we believe in disbursing capital and imparting skills for development of our youth.”

As many as 50 percent of the loan beneficiaries would be women while the disbursement of interest-free loans would start in the third week of June this year through Pakistan Poverty Alleviation Fund.

Moreover, each federating unit has been given share as per the NFC Award with primary focus on rural areas. Each beneficiary will receive up to Rs 50,000 through the scheme while loan and business support centres will be formed for facilitation.