ISLAMABAD, May 28 (APP): Federal Minister for Finance and Revenue, Shaukat Tarin Friday directed all the major banks and micro-finance institutions to come up with suggestions on the design of the Kamyab Jawan Program within a week’s time and also earmark a percentage of their resources for the purpose.
He was chairing a meeting through video link on the expansion of Kamyab Jawan Program with Special Assistant to Prime Minister on Youth Affairs, Usman Dar and the Presidents of National Bank, Habib Bank and Bank of Punjab, according to press statement issued by the Finance Ministry.
The minister said the government would provide credit guarantee and risk sharing facility to provide comfort to the commercial banks.
The banks were asked to prepare a design of a program (for tier 1 borrowers) through which they could collaborate with micro-finance banks and micro-finance institutions and provide short/medium term loans at zero or least possible interest rates for entrepreneurship, agricultural development and for financing housing construction.
The federal minister also 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.
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.