Khyber Pakhtunkhwa government decides to provide interest-free loans to young people for business at a cost of Rs 3.8 billion. Youths in all districts of Khyber Pakhtunkhwa including merged districts will be provided interest-free loans for business under the scheme of Rs. 2 billion and 1.8 billion have been earmarked for integrated districts. Provincial Development Working Party has already approved the plans. Department of Tourism, Culture and Youth Affairs will launch the project with the help of the Bank of Khyber while P&D Department will oversee the project.
A meeting was held under the chairmanship of Additional Chief Secretary Khyber Pakhtunkhwa Shakeel Qadir Khan in the P&D department to finalize the project in which the Secretary Tourism and senior officials of Bank of Khyber participated.
The scheme has a special 25% quota for women, eunuchs, people with disabilities and minorities. There are three categories of loans for business. Under the first category, loans of up to Rs. 5 lakhs, under the second category up to Rs. 10 lakhs and under the third category up to Rs. 20 lakhs will be given. The project will operate under a unique model in which eligible youth for loans will be given special training with the help of special trainers and experts in the field of business after which the youth will be able to start their own business. The first phase of the project will benefit 3,500 businesses and 10,500 families. The Khyber Pakhtunkhwa government is working to stabilize the economy by providing jobs for young people through business loans and start-up programs, and by promoting business.