The Khyber Pakhtunkhwa (KP) government has launched the ‘Ehsaas Nojawan Program’ to provide interest-free loans, aiming to empower youth and promote self-employment.
A cheque distribution ceremony was held at the Chief Minister’s House in Peshawar, with Chief Minister Ali Amin Khan Gandapur as the chief guest. Provincial officials, cabinet members, and loan recipients attended the event.
This flagship initiative, under the provincial government’s ‘Ehsaas Initiatives,’ aims to equip young people with financial resources to start their businesses. With an initial budget of Rs. 3 billion, Rs. 1.1 billion has been allocated for the current fiscal year.
The program has two components. The first, implemented with the Bank of Khyber, offers interest-free loans between Rs. 1 million and Rs. 5 million for groups of three to five individuals aged 18 to 35. Beneficiaries are given an eight-year repayment period, including a 20-month grace period.
The second component, in partnership with Akhuwat Microfinance Bank, provides Rs. 100,000 to Rs. 500,000 loans for individuals aged 18 to 40 for small business ventures. Special quotas are reserved for women and disabled persons.
Chief Minister Gandapur announced additional programs, including Ehsaas Apna Ghar, Rozgar, and Hunar, with a combined budget of Rs. 15 billion.
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What a country, young people don’t need loans they need subsidies to aid their efforts.