Youth loan: KP govt approves Rs.3.8 billion interest-free loan

The government of KP has approved interest-free loans worth Rs 3.8 billion for the youth. This youth loan initiative has been announced with a particular focus on the youth of the combined/merged regions.

The decision was made at a meeting chaired by the Shakeel Qadir Khan, Additional Chief Secretary, at the Planning and Development Department. The secretary of entertainment, tourism, and leisure, as well as the managing director of Bank of Khyber, were also present at the meeting.

Around 3,500 companies in the province are projected to benefit from the interest-free loan scheme, which will directly benefit 10,500 families.

Two elements of the youth programs will be implemented: a two-billion-rupee “innovation fund for entrepreneurs, youth, and women” and a 1.8-billion-rupee “start-up network for the economic uplift of youth” for the youth of combined regions.

The meeting also announced that women, transgenders, immigrants, and special people would be given preference in the youth loan initiative, with a 25% allocated allowance to access convenient loans that will help them launch their own businesses, helping them to benefit their families through new income opportunities.

The Provincial Growth Working Party (PDWP) has already approved the project, and it will be released shortly by public announcements.

In addition, the KP government will recruit the support of industry professionals, business analysts, and consultants from the engineering, services, and trade industries to assist in the preparation of the youth who will be obtaining loans.