Islamabad: Prime Minister Shehbaz Sharif has Tuesday launched Youth Business and Agricultural Loan Schemes, allowing Pakistani youth to avail “interest-free loans” of up to Rs0.5 million.
While addressing the media in Islamabad, the premier stated that the initiative is aimed at promoting self-employment and entrepreneurship amongst the youth.
“Loans of up to 1.5 million rupees can be availed on personal guarantee of the borrower,” stated Sharif.
“5% interest will be charged on the loan of over 0.5 million to 1.5 million rupees,” he said adding that 7% interest rate will be charged on the loan of over 1.5 million rupees to 7.5 million rupees.
The Prime Minister unveiled that people in the age bracket of 21 and 45 years can avail the loan facility of up to 7.5 million rupees under these schemes.
“For IT and E-commerce businesses, the lower age limit is 18 years,” he added.
He further added, “Micro-financing through small business loans will promote a norm of job creation rather than job seeking among the country's youth bulge”.
The former Punjab Chief Minister expressed hope that the addition of agricultural loans will help the rural youth in bringing innovation to farming which can include mechanized farming, the creation of agricultural value chains and the Solarization of farming equipment to create more sustainable energy resource management.
Notably, Islamic banking facilities can also be availed on the loan scheme.
The scheme, which was paused for restructuring and revision, has been announced in less than a year until the next general elections.
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