PTI govt finalises loans for utility store franchises

A meeting on the PM’s Kamyab Jawan Programme (PMKJP) on Thursday agreed to finalise loans for establishing utility stores franchises across the country after deliberations on the proposal by all stakeholders.

The meeting, presided over by Planning Minister Asad Umar, discussed in detail the PTI government’s flagship initiative under which soft loans and skills training are provided to the intended youth.

According to a statement, it was attended by Industries Minister Hammad Azhar, Special Assistant to the PM (SAPM) on Youth Affairs Muhammad Usman Dar, the Utility Stores MD and senior government officials. Dar informed the meeting that about 250,000 applicants who applied for loans under the PMKJP are interested in opening up retail stores. Loans under the programme can be extended to the already established franchises and also for setting up new franchises under the umbrella of Utility Stores Corporation, he added.

Planning Minister Umar said that Phase-II of the Kamyab Jawan Programme in collaboration with the industries ministry would give loans for the establishment of Utility Stores’ franchises. “Lending to such franchises has the benefit of ensuring that loans are secured and these stores would effectively play the role of market stabilisers,” he said.

However, he stressed that the existence of enterprise resource planning (ERP) is a prerequisite for successfully monitoring and running such stores. Moreover, Azhar said that his ministry would assess the proposed plan of lending to about 1,000 operational franchises under the USC and also work for presenting a model for establishing new stores.

“Lending for opening franchises would be scaled up after successfully launching a pilot project,” he said.

ADB interested in PMKJP

The Asian Development Bank (ABD) is “keenly interested” to explore all possible avenues for collaboration with the Kamyab Jawan Programme, reads an official handout.

A meeting was held between SAPM on Youth Affairs Muhammad Usman Dar and ADB Deputy Country Director Asif Cheema along with his team members via video link.

The SAPM appreciated ADB’s interest to mutually work towards empowerment of Pakistan’s youth. “That youth has a huge potential and can play a key role in putting the country on the track of progress and development,” PM office said quoting Dar.

He added that the incumbent government is investing heavily in youth for achieving their economic empowerment and creating employment opportunities. 

The ADB deputy country director said the authority would share concept paper containing proposal regarding lending to micro-financing schemes run by the PM Kamyab Jawan Programme. “The ADB is keenly interested to explore all possible avenues for collaboration,” Cheema said. 

The SAPM assured of his all-out support for ensuring ADB’s participation in the programme. He also expressed the willingness to work on developing new loans schemes besides those already operative under the youth entrepreneurship scheme.