K-P launches Ehsaas Nojawan Program

Chief minister distributes cheques for interest-free loans among local youth

PESHAWAR:

The Khyber-Pakhtunkhwa (K-P) government has taken a significant step towards empowering and providing employment opportunities for its youth by initiating the distribution of interest-free loans under the 'Ehsaas Nojawan Program'.

A ceremony to distribute loan cheques was held on Tuesday at the Chief Minister's House in Peshawar, with Chief Minister Ali Amin Khan Gandapur as the chief guest.

Provincial cabinet members, including Syed Fakhar Jahan, Brigadier (retd) Muhammad Sajjad, Barrister Muhammad Ali Saif and Muzammil Aslam, along with officials from the Department of Youth Affairs and selected beneficiaries of the program, also attended the event.

The 'Ehsaas Nojawan Program' is a flagship initiative under the umbrella of the 'Ihsas Initiatives' of the provincial government aimed at economically empowering the young lot of the province by providing them with interest-free loans to start their own businesses.

This three-year program, launched with an initial budget of Rs3 billion, has an allocation of Rs1.1 billion in the current fiscal year. This program consists of two components. The first component of the program is being implemented in collaboration with the Bank of Khyber (BoK), through which interest-free loans worth one billion rupees are being provided. Under this component, clusters of three to five individuals aged 18 to 35 are eligible for loans ranging from Rs1 million to Rs5 million.

A flexible repayment schedule spanning eight years has been designed, with the first 20 months as a grace period during which no repayments are required.

The second phase, in collaboration with Akhuwat Microfinance Bank, has a budget of Rs2 billion. This phase offers interest-free loans between Rs100,000 and Rs500,000 to individuals aged 18 to 40 for small-scale business ventures.

Special quotas have been reserved for women and persons with disabilities.

Addressing the ceremony, the Chief Minister said that three more programs under the Ehsaas initiative—Ehsaas Apna Ghar Program, Ehsaas Rozgar Program, and Ehsaas Hunar Program—will also be launched very soon with a combined allocation of Rs15 billion in the current budget.

The Chief Minister emphasized that the Ehsaas Nojawan Program is a critical step towards financial independence for the youth, aligning with the vision of Pakistan Tehreek-e-Insaf's founding chairman.

The initiative aims at encouraging young people not only to create employment opportunities for themselves but also to generate jobs for others.

He urged the youth to prioritize entrepreneurship over seeking employment, highlighting the immense potential for growth in business ventures.

The provincial government, he assured, is committed to providing full support to young individuals with innovative business ideas.

Concluding his address, Gandapur stressed the importance of hard work and integrity, stating, 'Honesty is the best strategy, and there is no substitute for hard work.'