Microloans: ‘Microfinancing a viable option’

Punjab government has launched self-employment schemes for jobless adolescents, says minister.

LAHORE: Minister for Finance, Excise and Taxation Mujtaba Shujaur Rehman has said that practical and equitable resource distribution can minimise the discrepancy between the rich and poor. He stated that micro-financing could possibly resolve unemployment issues. The minister added that the Punjab government has launched self-employment schemes for jobless adolescents and a sum of Rs3 billion interest-free loans will be distributed for the cause to the unemployed youth. “Rs1.5 billion is being provided to the educated but unemployed youth under an internship programme out of which 50% are women,” he said. While addressing the brand launching of the Foundation for International Community Assistance (FINCA) Microfinance Bank, the minister stated that the Punjab government is encouraging micro-financing to the private banking sector and hopes that FINCA Microfinance Bank will boost small businesses and reduce unemployment.

Published in The Express Tribune, November 27^th, 2013.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.