Staff Reporter Islamabad
Special Assistant to the Prime Minister (SAPM) on Youth Affairs Muhammad Usman Dar has said that the youth bulge was being transformed into employment creators successfully through the Kamyab Jawan Programme (KJP) which was set to become the ‘biggest’ engine for job creation in the country.
“As of today, at least 10,000 young people have been succeeded to open their own businesses after obtaining soft loans under the Kamyab Jawan Programme.
A total of about 70,000 jobs have been created so far through disbursement of Rs8 billion under its Youth Entrepreneurship Scheme (YES),” the SAPM told the media here.
He said the YES was launched in October 2019 under the banner of Kamyab Jawan Programme to provide the youth soft loans for initiation of their own businesses.
An amount of Rs 25 billion was allocated to the women exclusively under the programme, he added.
Usman Dar said he was delighted to announce that so far, Rs one billion, out of the total disbursement, had been distributed among over 1,000 qualified women of the YES.
He urged the women to come forward and take benefit of the Kamyab Jawan Programme which was launched with an aim to uplift the youth of Pakistan without any discrimination on the basis of gender and political affiliation.
The SAPM said at the moment, the soft loan scheme had three tiers. Under tier-1, loan limit was from Rs100,000 to Rs1 million, whereas tier-2’s loan limit was from above Rs1 million and upto Rs10 million and under tier-3, loan limit was from above Rs10 million and upto Rs25 million, he added.
He said for tier-1 loans, there was no need to provide any security to banks as one could get the loan on the basis of his talent.
At least four thousands shops had been opened in different localities under this tier, he added.
For tier-1 loans, he said mark up rate was 3 percent, while mark up rate for tier-2 loans was 4 percent, and for tier-3, mark up rate was 5 percent.
Usman Dar said the government was planning to add another tier of Rs 100,000 to Rs 500,000 as most of the applications were received for this type of loans under the YES.
It was discussed in a recent meeting chaired by Federal Minister for Finance and Revenue, Shaukat Tarin the other day, he added.