Rs 5.58 bln granted to 251,351 youth under PM Interest Free Loan Scheme

686

ISLAMABAD, Feb 6 (APP): Around 251,351 interest free loans amounting to Rs 5.58 billion have been granted to poorest of the poor under Prime Minister’s Interest Free Loan Scheme.
These interest free loans have been provided in 427 Union
councils of 44 districts across the country and 62 per cent of loan
beneficiaries were female. The recovery rate of the scheme was 99
per cent.
Official sources on Monday said Pakistan Poverty Alleviation
Fund (PPAF) has been implementing this scheme through its 26 Partner
Organizations (POs).
It must be noted that 54,000 Benazir Income Support Programme
(BISP) beneficiaries have been graduated from dependency to
self-reliance by establishing their own businesses with loan secured
under this scheme.
The sources said PM’s Youth Programme is a remarkable
initiative of Pakistan Muslim League (PML-N) government for
socio-economic development of youth in a bid to combat soaring
unemployment.
This Programme has broad canvas of schemes enabling youth and
poor segments of population to get good opportunities of employment,
economic empowerment, acquiring skills needed for gainful
employment, access to IT and imparting on-the-job training for young
graduates to improve probability of getting a productive job.
Prime Minister’s Youth Programme includes six schemes – PM’s
Youth Business Loan Scheme, PM’s Interest Free Loan Scheme, PM’s
Youth Skill Development Programme, PM’s (National) Programme for
Provision of Laptops to Talented Students, PM’s Fee Reimbursement
Scheme for Less Developed Areas, and PM’s Youth Training Scheme.
Giving scheme-wise details, the sources said under PM’s Youth
Business Loan Scheme, 17,720 loan cases worth Rs. 17.713 billion
have been disbursed so far among potential entrepreneurs either to
establish new businesses or to expand existing ones.
The recovery rate is 94 per cent with 6 per cent delinquency
rate. These are subsidized business loans at 6 per cent mark up for
a period of eight years, with the first year as grace period, and
are granted by banks after satisfactory evaluation of borrowers’
business feasibility plans.
It is worth-mentioning that Meezan Bank, Al-Baraka Bank, Dubai
Islamic Bank and Faysal Bank are implementing this scheme in Islamic
financing mode.
Under PM’s Youth Skill Development Programme, so far 75,000
youth both male and female have been trained in more than 100
demand-driven traded across Pakistan as per NFC award quotas.
Training classes of another 25,000 trainees under Phase III
(Batch-II) have been commenced. Besides imparting free training,
Interns are also getting Rs. 3000/month scholarship for the
six-month training period. However, Federally Administered Tribal
Areas (FATA) students are being paid Rs. 4000/month as stipend.
The 33 per cent of total training slots are reserved for
female trainees. Madaris graduates and disabled youth are also
catered to under this scheme.
Under PM’s (National) Programme for Provision of Laptops
to Talented Students Phase-I & II, so far 189,519 laptops have been
distributed among Ph.D/ MPhil/MS. Masters’ and bachelors’ students
of 97 Higher Education Commission (HEC) recognized universities
across Pakistan.
Moreover, the process of delivery of laptops to universities
under Phase-III of the programme has been initiated, and HEC has
planned to distribute another 100,000 laptops among eligible
university students before Summer break.
It is worth mentioning that under Corporate Social
Responsibility (CSR) component of Phase-I of the Scheme, HEC has
established e-class rooms and laundry facilities at IBA Sukkur and
COMSATS Islamabad.
In order to promote IT manufacturing industry, and contribute
significantly in country’s Gross Domestic Product (GDP), first time
in history of the country, Haier Pakistan, the vendor of Scheme, has
set up a state-of-the-art Laptop Assembly Plant.
Under PM’s Fee Reimbursement Scheme, so far tuition fee of
161,038 students of less developed areas across the country
amounting to Rs. 4.7 billion has been reimbursed/paid up front
to universities. Students hailing from less-developed areas
and enrolled in MA, MS/MPhil and PhD programmes in HEC-recognized
public sector universities are eligible to apply under this Scheme.
Due to this valuable intervention, 100 per cent enrollment has
increased in some universities of Balochistan like Sardar Bahadur
Khan Women University, Quetta.
Under Phase-I (Batch I & II) of PM’s Youth Training Scheme,
around 44,000 fresh graduates, degree/diploma holders, were granted
12-month paid internship @ Rs. 12000/month based on their matching
demand in reputed public and private sector organizations.
At present 29,391 interns are actively pursuing internships,
whereas placement letters to another 21,000 interns will be issued
shortly after verification of their degree/diplomas/credentials by
HEC/Technical Education Boards/NADRA.