The Government of Khyber Pakhtunkhwa will provide interest-free loans worth Rs. 3.8 billion for the youth of the province in a bid to uplift economic activities, boost employment and help curb poverty.
The interest-free loans program was formally approved during a meeting held at the Planning and Development Department chaired by the Additional Chief Secretary, Shakeel Qadir Khan. The meeting was attended by the Secretary Culture, Tourism and Sports, and the Managing Director of the Bank of Khyber.
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The program will support 3,500 businesses that will benefit over 10,500 families of the province and its merged districts.
There will be two components launched under the program “Innovation Fund for Entrepreneurs, Youth and Women” which is worth Rs. 2 billion, and a “Start-up Program for the Economic Uplift of the Youth” which is worth Rs. 1.8 billion for the youth of the merged areas.
The Culture, Tourism and Sports Department and the Bank of Khyber will collaborate with the provincial government to implement the program.
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Although the interest-free loan program is primarily for youngsters, 25 percent allocation will be reserved for women, transgender individuals, minorities, and differently-abled persons to allow them to utilize the loans to establish their own businesses.
The Provincial Development Working Party (PDWP) has already approved the project which will soon be launched through public announcements.
