Rs100 billion allocated to Youth Business Loans: Nawaz Sharif

Published: December 6, 2013
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Prime Minister Nawaz Sharif. PHOTO: AFP/FILE

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.

Security

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.

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Reader Comments (14)

  • Dec 6, 2013 - 2:51PM

    Good move Nawaz!
    I hate you and your government, but good move!
    We must develop all parts of Pakistan to give every group a sense of solidarity!

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  • salman
    Dec 6, 2013 - 2:59PM

    Interesting. Genuine questions. If the loan cannot be repaid, is it written off or are the defaulters home/personal processions repossessed and the individual declared bankrupt? Or are the loans totally unsecured?

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  • Khan
    Dec 6, 2013 - 3:05PM

    dont waste money on youth buying you would be able to buy Punjab youth only which is already yours

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  • Bilal
    Dec 6, 2013 - 3:09PM

    I am not a blind supporter of PML N, but this is a very good move. It would help people with starting their business and bring some change to our environment.
    GOOD LUCK NAWAZ SAHAB and i hope this never indulges with political selffness

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  • hammad
    Dec 6, 2013 - 3:30PM

    immature decision.. money cud hv been used for better purpose…!!

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  • Khan
    Dec 6, 2013 - 3:54PM

    if this is an intelligent move then all the 1st world countries should follow him in times of recession, he is making people easy going and lazy

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  • Jibran
    Dec 6, 2013 - 6:38PM

    This is going to be another of those neeli peeli schemes that our Amir-ul-Momineen loves to announce. In the end, the money just changes hands, from the national kitty to the pockets of the PMLN loyalists. No wonder, why the PMLN jiyalas are jubilant.

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  • Parvez
    Dec 6, 2013 - 10:38PM

    What a waste………but then he knows no better.

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  • Naveed
    Dec 6, 2013 - 10:39PM

    The yellow cab scheme was a complete waste of money. Precious resources that could have been spent on education, health or clean water got wasted on buying patronage with these ridiculous vehicles.
    You claim that you will provide good education to the masses but in your 2 terms in power what did you achieve?
    Why do you deserve another go? What will you do differently this time if anything?
    You claim you will raise more taxes for spending on human development but in the past you have done the opposite.
    How about the campaign to get rid of foreign debt, can you give us an update.
    Also Musharraf built more motorways than you and Nawaz so I am not sure you have anything to boast about.As for claims about nuclear weapons they are as bogus as Bhutto’s missile technology and fiber optic communication s claim.

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  • ARW
    Dec 7, 2013 - 12:49AM

    To start business, we should have electricity, gas, law & order situtation as basic ingridient for any business. Do we have that in our country? If the business would have been flourished in our country then all these industrialist would not have moved to Sri Lanka & Bangladesh ….. another bad move by this govt ……

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  • SK
    Dec 7, 2013 - 9:09AM

    I think wasting billions on unprepared youth business scheme is recipe of yet another failing schemes like ones PMLN had introduced before. The government should spend in delivering quality education which is at par with the west. Unless the youth of this nation don’t develop a keen sense of business management and are scholastically informed about the pits and falls of running businesses. Involving such colossal amount of tax payers money is a waste and likely to fail just as yellow cab schemes and other schemes introduced by PMLN to lure the youths in the past. Not sure if the loans provided for the businesses is secure or not. Unless it is many youth may just hop into the bandwagon and embark on misadventure with money that is not theirs and they are not expected to pay back.

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  • Rizvi
    Dec 7, 2013 - 12:22PM

    We should respect his feelings towards people of this area. We will be always with him if He initialtes concrete steps to secure the KKH forever We welcome Nawaz Shariff.

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  • Dinal
    Dec 9, 2013 - 11:31PM

    I am a strong critics of PMLN but YBL is a good initiative. However, government should make sure the transparency.Recommend

  • drmaqsood
    Dec 10, 2013 - 10:26AM

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

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