Govt to provide credit guarantee to Kamyab Jawan program

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Tarin asks banks to come up with proposals in a week


Mohammad Arshad
Islamabad

Finance Minister Shaukat Tarin, Friday, directed that all the major banks and microfinance institutions to come up their suggestions on the design of the program within a week’s time and also earmark a percentage of their resources for the purpose.

Government will provide credit guarantee and risk sharing facility to provide comfort to the commercial banks.

He was Chairing another meeting via video link here on the expansion of Kamyab Jawan Program with SAPM on Youth Affairs, Usman Dar and the Presidents of National Bank, Habib Bank and Bank of Punjab were present in the meeting.

Finance Minister invited Dr. Amjad Saqib, Amir Masood Khan and Chairman Naya Pakistan Housing Authority along with others to share their views on the expansion of the Project so that more and more people specially youth could become a part of the government’s financial inclusion program.

Banks were asked to prepare a design of a program (for tier 1 borrowers) through which they could collaborate with Microfinance Banks and Microfinance Institutions and provide short/medium term loans at zero or least possible interest rates for entrepreneurship, agricultural development and for financing housing construction.

The participating banks and other stakeholders shared their views and experiences in the meeting on the subject and agreed with the general idea of maximizing the use of financial resources by micro-credit users.

Earlier, the Cabinet Committee on Privatization (CCoP), Friday, reviewed progress on the privatization of National Power Parks Management Company Limited (NPPMCL) regarding important decisions taken at the level of CCoE, CCoP and ECC.

Sub-Committee of the Cabinet Committee on Privatization (CCoP) met here with Finance Minister Shaukat Tarin in the chair and directed all the relevant stakeholders to meet during the next week for sharing progress on the respective tasks assigned to them to take the transaction to its final phase.

The participants briefed the Finance Minister that the progress on the matters with the IPPs has boosted the investors’ confidence; there is also a significant development on the matters which have to be decided among the different government entities, Ministries and provincial governments.