In a first, PTI government to generate one million employment with Rs 200 billion youth programme
Shares
ISLAMABAD - The federal cabinet is likely to approve Rs200 billion worth Prime Minister’s Kamyab Jawan Program (PMKJ) in its Tuesday’s meeting to enable unemployed youth to avail affordable financing for starting up new business or strengthening their existing business, it was learnt reliably.
Finance division has prepared a summary which will be presented in federal cabinet’s meeting to be held under the chairmanship of Prime Minister Imran Khan.
The cabinet may grant its nod to the premier’s vision for employment of youth, said sources.
Under this programme, three tiers of subsidized loans will be disbursed. Tier 1 will be up to Rs0.5 million, tier 2 will range from Rs0.5 million to Rs10 million and tier 3 from Rs10 million to Rs25 million.
With regard to security requirements, tier one loan is proposed as clean lending with only personal guarantee of the borrower himself while for tier two and tier three loans, banks may follow their own credit policy.
According to the documents, the programme will enable unemployed youth in the age bracket of 21-45 years to avail affordable financing for starting up new business or strengthening their existing business.
“This program will provide self-employment opportunities to estimated 138,000 young borrowers with cumulative financing of approximately Rs200 billion in five years, thereby creating around one million employment opportunities in Pakistan,” said the document.
