Slicing red tape: PM Nawaz eases youth business loan process

Some 2.7 million forms have been downloaded; 4,000 applications received.

KARACHI:

Prime Minister Nawaz Sharif cut some of the red tape around the Youth Business Loan Scheme on Saturday, streamlining unnecessary regulations for loan applicants and making it a little more user friendly.

The prime minister issued the directives after reviewing the progress of the scheme – which has attracted huge interest among the youth and could bring a 2% increase in the country’s GDP.

Chairing a meeting at the National Bank of Pakistan headquarters in Karachi on Saturday, he said the youth were showing great interest in the loan scheme as millions of pre-feasibility studies and forms were downloaded from the Small and Medium Enterprises Development Authority (Smeda) website. Nearly 2.7 million application forms have been downloaded and over 4,000 applications have been submitted, the prime minister was told.

NBP officials gave the premier a detailed briefing on the scheme and underscored the importance of scrutiny upon receipt of the applications.



PM Nawaz, in a bid to make loan acquisitions easier, made the approval process less stringent. Anyone who has an amount more than 1.5 times than the loan applied for could be a guarantor, or any government official of grade 15 and above who has at least 8 years of service left. He said that service delivery by the banks should be facilitated to the applicants and he called for improvement in the service delivery mechanism on the suggestions and feedback received from the public. Anyone who has an NBP account or an account in any other bank can be guarantor.

Addresses naval academy

Addressing an elegantly turned parade at the Pakistan Naval Academy, Prime Minister Nawaz Sharif asserted his resolve that Pakistan is now more stable and democratic, and the policies to counter internal as well external threats are bringing results.

He was speaking at the 100th Midshipmen Commissioning term and 9th SSC Officer Class passing out parade held at Pakistan Naval Academy on Saturday.

Highlighting the aptitude and capability of the Pakistan Navy, Nawaz said it is a capable and professional force, terming the country’s maritime defence is impregnable. As the cadets stood firm in front, Nawaz said the nation had faith that navy would prove its mettle in safeguarding maritime integrity of our country.

Published in The Express Tribune, December 29^th, 2013.