Loan for loan: Govt eyes $150m IDB loan to finance youth scheme

Govt started a scheme in November 2011 to provide loans to unemployed youth to help them start their own businesses.

LAHORE: The government intends to get a $150.50 million loan from the Islamic Development Bank (IDB) to finance the Chief Minister’s Self Employment Scheme (CMSES), The Express Tribune has learnt.

The government will engage a technical consultant to utilise the loan in a productive manner, said an official on condition of anonymity.

The money would be repaid in 20 to 25 years at a 2 per cent annual interest rate, he said.

The government had started the scheme in November 2011 to provide loans up to Rs50,000 to unemployed youth to help them start their own businesses.

Published in The Express Tribune, May 16^th, 2014.