Government to offer loans upto 500,000 to the youth with no interest

The government has announced the reactivation of several Prime Minister’s Youth Program (PMYP) projects such as business and agriculture loans, laptop schemes, and sports initiatives to give young people options for employment.

Minister for Information and Broadcasting Marriyum Aurangzeb and Special Assistant on Youth Affairs Shaza Fatima Khawaja while addressing a news conference on Wednesday in Islamabad, discussed the specifics of the programs.

According to the information minister, former prime minister Nawaz Sharif started the initiative in 2013. She claimed that as soon as he took office, Prime Minister Shehbaz Sharif began efforts to restore it.

Marriyum Aurangzeb said that the Prime Minister Youth Program lending plan aims to provide loans to more than 50 million youth between the ages of 15 and 29.

Shaza Fatima said that the loans for agriculture and business have been approved. She claimed that the program aims to encourage entrepreneurship throughout the nation.

She stated that there will be no interest or collateral required for loans up to 500,000 rupees and claimed that the women will be encouraged to apply for the loan.

The 1.5 million rupee loan will have an interest rate of 5%, according to the Special Assistant. Around 7% interest rate will be charged on the loan between 1.5 million and 7.5 million.

She said that for the first time, a national youth employment policy would be developed to close the gap between business and higher education.

One hundred thousand youngsters will receive training in a variety of sectors under the Skills Development Program, according to the Special Assistant on Youth Affairs, with a special emphasis on IT.

According to Shaza Fatima, the laptop scheme is also being reintroduced. One hundred thousand excellent achievers will receive laptops this year as part of a distribution program. The percentage of women will be 50%, and transgender people will also be included. According to her, the proportion of Balochistan in this plan has also doubled.

The Prime Minister’s Youth Program is also launching sports-related projects, according to the Special Assistant.