Rs100 billion allocated to Youth Business Loans: Nawaz Sharif

Nawaz also said a special force will be established in G-B for the security of its people.

Saqib Nasir December 06, 2013
Prime Minister Nawaz Sharif. PHOTO: AFP/FILE

GILGIT: Prime Minister Nawaz Sharif stated that a hundred billion rupees have been allocated for the Youth Business Loans scheme while addressing Pakistan Muslim League-Nawaz’s (PML-N) party members in Gilgit, Express News reported on Friday.

“The youth of Gilgit-Baltistan (G-B) between the ages of 21 and 45 can utilise this scheme,” the prime minister said. "The maximum amount of money that will given out as a loan is two million.”

“Loans will be given to anyone who is committed to doing business. Literacy and experience does not matter with regards to the loans.”

Nawaz gave more details about the scheme and stated that the loan can be returned in instalments over a period of eight years and no instalments would need to be paid in the first year.


During his speech, Nawaz also said that “a special force will be established in G-B for the security of its people.”

“The force will be provided with modern weapons and excellent training, and will be appointed on merit,” the premier said adding that “thousands of people should be appointed for this force to improve the law and order situation in the area.”

With regards to the Nanga Parbat incident in which gunmen disguised as Gilgit Scouts had killed 10 foreign trekkers and their Pakistani guide, Nawaz revealed that "out of the 17 people involved in the tragedy 11 had been arrested including the mastermind behind the attack."

Economic development

The premier claimed that eight billion rupees were given to G-B last year and more money will be given for the development of the region.

He emphasised that “this money should not go into the wrong hands and be treated as valuables of the citizens.”

“A motor way will be built from [the northwestern city of] Kashgar to Gwadar and will serve as an economic corridor,” Nawaz added. He also said that a railway and a cardiology hospital will also be built in the area.

The 2,000-kilometre road and rail link connecting Kashgar to Gwadar port was among eight pacts inked by China and Pakistan.


drmaqsood | 8 years ago | Reply

such type of loan is not allowed in islamic point of view

Dinal | 8 years ago | Reply I am a strong critics of PMLN but YBL is a good initiative. However, government should make sure the transparency.
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