The Prime Minister's Special Assistant (SAPM) said on Sunday that the Kamyab Jawan Program (KJP) could help create 50,000 jobs by the end of the year by approx.
Rs 5 billion additional loan for 10,000 registered small and medium-sized enterprises (SMEs) under the Youth Entrepreneurship Scheme (JA).
Loans of Rs 1 billion have been disbursed since JA's launch. To 2,190 qualified entrepreneurs, while the executive banks had approved Rs 3 billion. Bipartisan funding for 7,592 eligible companies,
SAPM said, spawned major youth empowerment initiatives from Pakistan Tehreek-e-Insaf since its inception two years ago.Of the total loans approved, an evaluation of 5,402 companies is still underway, he added.
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The Bank of Khyber (BoK), the Bank of Punjab (BoP) and the National Bank of Pakistan (NBP), which deals with the youth entrepreneurship plan, approved 28 billion. Soft loans to 28,859 SMEs after spending a total of 58,031 to control the transport of selected loans. After analyzing the companies,
Dar informed the official media in an interview.Of the 28,859 SMEs, 14,664 had been rejected by the banks, while 6,489 were pending.
Usman Dar announced that, after assessing the predictability of all applicants for YES, the banks had initially selected a total of 58,031 companies for investigation. Investigations of approximately 10,699 were still pending, while 18,473 were rejected.
"YES" was launched last October under the banner of Kamyab Jawan program with seed distribution of Rs 100 billion.
As part of the youth loan repayment program between Rs 100,000 and Rs 25 crore, three tiers of viable business ideas were introduced. After the expansion of the program, the third phase was added for a loan between Rs 10 and 25 million.
More than a million applications have been received through the Kamyab Jawan program, but unfortunately most applicants lacked practical business ideas, he said when asked.
SAPM encouraged the young people to apply for adequate preparation and come up with practical business plans to ensure that taxpayers' money is used to promote economic activities and job creation in the country.
Last week, the government expanded the soft loan program to help the maximum number of young people across the country, SAPM said, while also highlighting the increase in the loan amount, which has been increased to Rs 25 million.
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He said premium rates on the first two tiers had also been halved from 6 percent and 8 percent to 3 percent and 4 percent, respectively. The lower premium rate would also apply to those who have already taken out loans, he added.
Dar said the government had taken other youth-friendly initiatives to make young people the creators of society through skills development. "We have successfully implemented the Hunarmand Pakistan (Skill for All) program to promote basic and technical skills among young people."
According to SAPM, Rs 10 billion has been earmarked for the first phase of the country's largest skills development program. In addition to traditional crafts, training in high-tech technologies (artificial intelligence, robotics, automation, etc.) was offered for the first time.
It was to develop the skills of more than 170,000 Pakistani youth by building a range of institutions across the country, he added.
He also mentioned the National Youth Development Framework (NYDF) - a first national political vision to empower young people through three EEs, ie. H. Training, commitment and employment.
The National Youth Council and the Corona Relief Tiger Force are among Prime Minister Imran Khan's other major development initiatives, he added.
