MoU signed for AJK youth loan scheme

The AJK Bank and the Small Industries Corporation signed a Memorandum of Understanding (MoU) under the Prime Minister's Youth Loan Scheme to provide interest-free loans from Rs0.5 million to Rs2 million to the youth in Azad Kashmir.

The MoU signing ceremony was attended by Minister for Small Industries Taqdees Gillani, Finance Minister & AJK Bank Chairman Abdul Majid Khan and Secretary Finance Islam Zab.

Secretary Industries Chaudhry Abdul Rehman, AJK Bank President Shahid Shehzad Mir, MD Small Industries Muhammad Zeeshan Arif and Director Small Industries Abdul Khaliq Abbasi were also present.

Under this initiative one billion rupees will be given to youth in the AJK in the shape of interest-free loans aimed at empowering them economically. This scheme is seen as a major step to make the youth economically self-reliant. Loans up to Rs500,000 will be given with only five guarantors. The goal of the scheme is to unleash the entrepreneurial potential of youth, create employment opportunities, reduce poverty, boost private sector activity

The 48 per cent quota has been allocated specifically for women and for the first time transgender individuals will also receive financial support to start businesses. Both participating institutions will implement this programme across all 10 AJK districts.

Finance Minister Majid Khan said this was a significant step toward turning the dreams of youth into reality. Shahid Shehzad Mir added that the bank would provide both financial and technical support to young entrepreneurs. "This initiative offers a ray of hope for thousands of youth," he added.