Prime Minister Imran Khan has recently announced that the government is providing small loans on soft terms to over four million families to start new businesses and focusing on skills development. All Pakistani residents, aged between 21 and 45 years with entrepreneurial potential are eligible to apply for the loan.
The Kamyab Jawan Programme (KJP), which is a flagship programme focusing youth, talks about this initiative and has different components. For example PM’s Hunarmand Pakistan Programme-Skills for All project has been implemented since February, 2020 and training cost to be incurred on trainees has been disbursed to all selected training institutes.
Besides, the government in collaboration with the State Bank of Pakistan (SBP) has launched ‘Prime Minister’s Kamyab Jawan Youth Entrepreneurships Scheme (PMKJ-YES)’ to empower Pakistan’s youth by extending affordable financing for new and existing startups. The eligible startups are both in the conventional category as well as the tech industry.
As per the Economic Survey of Pakistan 2020-2021, “21 banks are working as executing agency and shall be providing business loans to youth entrepreneurs ranging from Rs 100,000 to Rs 25 million at the mark-up rate of 3-5 percent per annum with the maximum loan tenure of 8 years”. Under PMKJ-YES, Rs 8,566 million have been disbursed till April 2021 for various businesses, the survey adds.
“Similarly, Prime Minister’s Startup Pakistan is flagship initiative of KJP taken by the...
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