Govt distributes Rs209bn under youth program

In a significant boost to empower youth and entrepreneurship, the Prime Minister’s Youth Program has distributed a staggering 209 billion rupees to 31700 young business owners through the Prime Minister Youth Business and Agriculture Loan Scheme over the past eight months.

The government has launched an initiative to support young entrepreneurs by providing financial assistance for starting and expanding businesses, creating employment opportunities, and boosting economic growth.

Official data shows that the program offers three tiers of loans. Tier 1 provides interest-free loans of up to Rs500000. Under Tier 2, youth can access loans between Rs500000 and Rs1.5 million at a 5% interest rate. Tier 3 offers loans ranging from Rs1.5 million to Rs7.5 million at a 7% interest rate.

The loan facility is available through 15 banks nationwide, ensuring easy access for aspiring entrepreneurs. A streamlined online application system has also been introduced for a hassle-free process.

This initiative reflects the government’s commitment to fostering an entrepreneurial ecosystem that empowers youth to contribute to Pakistan’s economic progress. By facilitating financial support, the program aims to promote self-employment and sustainable business ventures across the country.