PTI government launches largest ever interest free loan programme for youth and women in Pakistan

PTI government launches largest ever interest free loan programme for youth and women in Pakistan

ISLAMABAD - Over 52 percent of the country’s population, would be direct beneficiary of the Prime Minister’s ‘Kamyab Jawan Prgram’, with 25pc of total loans to be given to the young females for establishing their own small businesses.

According to an official of the Ministry of Youth Affairs, this unique and ambitious program aimed at providing soft loans to the youth of the country and creating job opportunities for them with having follow up strategy.

He said that although similar youth support program had also been launched in the past, but they could not bear fruit due to lack of an effective and comprehensive strategy while under this program, a number of schemes will be introduced for success of the program. He said that an amount of Rs 100 billion has been allocated for kamyab jawan program to facilities one million youth across the country.

Online Portal has started on website in which a person can apply for loan of Rs 50,000 upto Rs 50,00,000 on easy returned back policy. The official said that for effective monitoring, online application form is prescribed through Kamyab Jawan Portal. The purpose of the portal is to provide a centralized platform through which applicants would be able to apply directly to the relevant banks.

He said that the portal will be hosted and controlled by National Information Technology Board, Ministry of IT and Telecommunication. Only authorized stakeholders for specific purposes will have an access to the portal like individuals for the purpose of applying for loans, banks for the purpose of receiving applications, SMEDA for providing their hand-holding or guidance support wherever necessary and PM Youth Office for retrieving information for monitoring purpose.

Moreover, external audit of the portal from expert IT auditors will be conducted on annual basis to ensure that online portal is used by the concerned stakeholders for intended purpose only and unauthorized use of the online portal, if any, is identified in a timely manner.

The official said that under this new program, subsidized business loans will be provided to the potential young entrepreneurs for the promotion of SME sector in the country.

He said that for the very first time in Pakistan, through the platform of PM Kamyab Jawan program, the government has created opportunities to open the doors of socio-economic empowerment of youth. The official said that under the program ‘Skill for All Program’ will be included under which, technical and vocational training will be imparted.

He said that another initiative under the Kamyab Jawan Program will be ‘Startup Pakistan Program’ and under this program, potential young entrepreneurs will be trained and mentored to conceive, incubate, and mature their business plans through access to digital incubation platform.

“I assure you the program is completely transparent and merit-based. To ensure transparency, the entire program is made available on a digital platform and a scorecard has been developed on the basis of artificial intelligence to run the program,” Special Assistant to the Prime Minister on Youth Affairs Usman Dar said while commenting on the program.

He said that the Kamyab Jawan Program has been developed to enable the country's youth to prosper. "I am happy as this program is the first step towards fulfilling the PTI's promise for youth's prosperity", he told. He said that the program is focused on ensuring employment opportunities to the youth and providing them proper platforms to excel.

Dar said that under the program, the government will also devise a state-of-the-art digital platform to support the youth.

"We have youth, they are our power but unfortunately we are lacking in skills. An amount of Rs10 billion will be used for improving skills to 100,000 young people under the program.” He said that PTI's government strongly believes in merit and transparency and would not tolerate any kind of corruption.