ISLAMABAD, Jul 17 (APP): Minister for Finance and Revenue Shaukat Tarin on Saturday said that an extensive consultative process was followed in working out modalities of the Kamyab Pakistan Program ensuring that all relevant stakeholders are on board and it would be launched within current month.
Kamyab Pakistan is a flagship program which shall extend micro-loans to entrepreneurs, small business and farmers at 0% markup without collateral.
The key focus is to provide loans to 4.5 million households at the lowest strata, registered with the National Socio Economic Registry (NSER) of Ehsaas Program, said a press release.
The Kamyab Pakistan Program reflects the firm commitment of the government in pursuing pro-people agenda and developing Pakistan into a welfare state in line with the principles of Riasat-e-Madina.
The cumulative disbursement under the program would be Rs1.6 trillion over the period of next 03-05 years and shall benefit 3,000,000 families which makes this program as one of the largest of its kind in the world.
The micro-loans will be disbursed under a wholesale arrangement between the banks, DFIs, Pakistan Mortgage Refinance Company and the Micro-finance banks and Housing Finance Companies.
Under Kamyab Kissan Program, agricultural loans shall be given to farmers with landholdings upto 12.5 acres.
Micro loans would be extended upto Rs. 150,000 (per crop) for procurement of agricultural inputs to boost agricultural productivity. In addition, loans upto Rs. 200,000 would be given for machinery and equipment.
Similarly, loans shall be extended for small businesses and start-ups at 0% markup in both rural and urban areas under ‘Kamyab Karobar’. Loan size is upto Rs. 500,000 and repayment will be in easy installments.
The third component of the scheme is introduction of a new tier titled Naya Pakistan Low Cost Housing Scheme wherein loans of upto Rs. 2.7 million (for NAPHDA) and Rs. 2 million (for non-NAPHDA) projects will be given at highly subsidized rates for upto 20 years.
KPP will also integrate with Government’s ongoing skill development program for educational and vocational training under “Kamyab Hunarmand” scheme and provincial initiative of Sehat Insaf Card.
The Kamyab Pakistan Program (KPP) has been designed to foster “Bottom-up” approach as envisaged by the Prime Minister. The KPP aims at empowering all those who are under-privileged and belong to marginalized sections of the society. ECC has approved the Kamyab Pakistan Program in its meeting held on 16 July 2021.
The Finance Minister commended all concerned who made great efforts in designing the whole program and taking it forward towards its formal launch which is scheduled soon.