Youth Loan programme: PM Nawaz offers easy loans worth Rs3.7 billion

Published: March 1, 2014

Prime Minister Nawaz Sharif. PHOTO: AFP

ISLAMABAD: 

Prime Minister Nawaz Sharif on Friday offered to provide easy loans worth Rs 3.7 billion to help empower the country’s youth.

In the past, Premier Nawaz said, only influential businesspersons were eligible for bank loans. Almost 70% of the country’s population did not have access to loans, he told the first balloting ceremony of the Business Youth Loan Scheme at Islamabad’s Convention Centre.

“It is the youth that will lead the nation by playing their role in strengthening the economy,” Nawaz said adding that young entrepreneurs would not only be working in different sectors but would also help generate jobs for others.

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Around 38,000 applications, including 28,000 from Punjab, 600 from Islamabad Capital Territory, 3,500 from Khyber-Pakhtunkhwa, 100 from Gilgit-Baltistan, 1,000 from Balochistan, 500 from Azad Kashmir and 3,000 from Sindh have been received under the youth loan programme, a statement released from the prime minister’s office stated.

Out of the total 6,127 were approved for balloting, of which 5,399 would be given loans.

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In his speech, Nawaz said that the applicants were selected on the basis of the provincial quota. Some 100,000 loans are to be offered every year.

Speaking on the country’s economy, he maintained that the country’s GDP showed a growth of five per cent during the first quarter of the current fiscal year, 17 per cent increase in taxes while the industrial growth was recorded 6.6 per cent until December 2013.

“Nothing was being done for the uplift of country in the past and that is why the people have been suffering due to long hours of load-shedding,” Nawaz said. He added that resolving the energy crisis was the country’s priority and since the government has assumed power, loadshedding hours have been cut down.

He said there was still a shortfall of 7,000 MW and the government would not only reduce this gap but would produce 20,000 to 25,000 MW of electricity.

The prime minister said work on Karachi-Lahore Motorway would soon commence whereas Lahore-Multan, Sukkur-Multan and Sukkur-Hyderabad sections would be completed.

The head of the Prime Minister’s Business Youth Programme Maryam Nawaz on the occasion said that female applicants from Punjab and Islamabad Capital Territory have been selected through balloting while all the female applications from Khyber-Pakhtunkhwa, Sindh, Balochistan, Gilgit-Baltistan and Azad Jammu and Kashmir had been approved.

Published in The Express Tribune, March 1st, 2014.

Reader Comments (11)

  • UF
    Mar 1, 2014 - 12:00PM

    AND Preferance to those having exprience in mending ” PANCTURES “

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  • Tahir
    Mar 1, 2014 - 12:59PM

    Promised fulfilled by our Prime Minister. Allah bless him.

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  • Naheed
    Mar 1, 2014 - 1:01PM

    Nawaz Sharif is the only person who can bring Pakistan out of present troubles. Entire nation should support him.

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  • Jojo
    Mar 1, 2014 - 1:14PM

    Good work done by PM. Great.

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  • usman786
    Mar 1, 2014 - 3:51PM

    Emperor NS can do anything with national kitty. He can even turn loan into aid. If he can offer 40 million to lawyers for Musharraf than any thing could happen.
    Why do we have to hire such expensive lawyers? esp when we know nothing much will be gained in the end. Max it could be that ex COAS is hanged for being a “traitor”. Does spending billions (incl secrity) give relief to public? Hand him over to Saudis. They may feed this white elephant.

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  • kala_bacha
    Mar 1, 2014 - 7:17PM

    It should call, Yellow loan scheme

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  • naeem khan Manhattan,Ks
    Mar 1, 2014 - 7:55PM

    First it was the yellow cab scheme and we know how it turned out and now this extravagant bonanza to corrupt the youth. This government should be concentrating to improve and expand the economy to provide jobs and not publicly financed hand out which will never be re-paid by the majority of the recipients. It is so obvious and simply to bribe the youth to perpetuate his vote bank and eventually declare himself the Ameer-ul-Momineen, he had tried it before but Mush did not agree with his shenanigans. Above all he and some of his party members are not paying their fair share of income taxes, how could they expect others to do the same and be honest in dealing with the treasury of Pakistan.

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  • Adnan
    Mar 1, 2014 - 8:14PM

    Well done Mian Sahib. We love you.

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  • hamid
    Mar 1, 2014 - 8:21PM

    Nawaz Sharif is the only hope for Pakistan. Allah give him health and long life. Aameen.

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  • Mar 4, 2014 - 11:01AM

    AOA…

    I have a simple query regarding PMY business loan program, may i apply now because i went to UAE for job opportunity on visit visa so please if i can do apply now then inform me please.. i am business graduate and i want to run business here in Pakistan.

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  • Mar 23, 2014 - 10:52PM

    mobile sohp and repairing

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