Job News Details
ISLAMABAD حکومت The government has so far provided nearly Rs. 1 billion in funding to women entrepreneurs studying under the Youth Entrepreneurship Scheme (YES) of the Rare Youth Program (KJP).
Muhammad Usman Dar, Special Assistant to the Prime Minister (SAPM) for Youth Affairs, confirmed that out of the Rs 8 billion disbursed under the scheme, Rs 1,000 crore was distributed among capable women entrepreneurs.
He said that it was launched in October 2019 under the banner of Successful Youth Program to provide soft loans to the youth to start their own businesses. He added that Rs. 25 billion was allocated exclusively for women under the program.
The SAPM urged women to come forward and take advantage of the Successful Youth Program, which was launched with the aim of developing Pakistan’s youth on the basis of gender and political affiliation.
He said that with the successful implementation of KJP, Youth Bulge is turning into job creators, which is poised to become the biggest ‘engine’ for job opportunities in the country.
At least 10,000 young people have been able to open their own businesses after obtaining soft loans under the Rare Youth Program. He said that so far a total of about 70,000 jobs have been created through the provision of Rs. 8 billion under its Youth Entrepreneurship Scheme (YES).
At that time, he said, there were three levels of soft loan scheme. The debt limit under Tier One was between Rs. 1,100,000 to Rs. 1 million, while the loan limit for Tier Two was above Rs. 1 million and up to Rs. 10 million and under Tier 3, the loan limit was over Rs. 10 million. And it was up to Rs 25 lakh, he added.
He said that there is no need to provide any security to banks for Ter One loans as anyone can get a loan based on their abilities. He added that at least 4,000 shops were opened in different areas under this category.
For Ter One One loans, he said, the mark-up rate is three per cent, while for Ter-2 loans, the mark-up rate was one per cent, and in Terrier-one, the mark-up rate was one per cent.
Usman Dar said the government intends to add another level of Rs. 100,000 to Rs. 500,000 as most applications have been received for such loans.
He said that after the addition of a new level, loans ranging from Rs. 100,000 to Rs. 500,000 lakh would be given in the first category at the village and union council level while the soft loan amount would be increased from Rs. 1 million to Rs. 200,000. The second one will be Rs.
He further said that Rs 2 million to Rs 25 million would be given in the third category, while loans of up to Rs 50 million would be given under the fourth category.
The SAPM said that the Federal Cabinet and the Economic Co-ordination Committee hoped that the proposed changes in the KJP would be highlighted in this budget.