PMYP, SBP Deliberate On Expanding Youth Loan Scheme

The Prime Minister Youth Program (PMYP) and the State Bank of Pakistan (SBP) deliberated on expanding the loan scheme for youth businesses here on Tuesday

ISLAMABAD, (UrduPoint / Pakistan Point News - 16th Apr, 2024) The Prime Minister Youth Program (PMYP) and the State Bank of Pakistan (SBP) deliberated on expanding the loan scheme for youth businesses here on Tuesday.

According to a statement issued by Prime Minister Youth Program, during a meeting between the Chairman of Prime Minister Youth Program Rana Mashhood Ahmed Khan and Micro Financing Institute, discussions were held on strengthening the framework of Tier 1 of the Prime Minister Youth Business Loan Scheme.

The meeting aimed to expand its scope and implement structural adjustments to serve the youth of Pakistan better.

The Prime Minister Youth Business Loan Scheme, a flagship initiative, offers loans up to 0.5 million in its Tier 1 and

Rs 1.5 mln to Rs7.5 mln in Tier 2 and Tier 3 programmes respectively to empower the youth by providing loans for their business objectives through collaborative efforts and empowering them economically.

During the meeting, Rana Mashhood Ahmed Khan expressed firm commitment of the government to provide easy access to loans for the youth.

He emphasized the government's vision to nurture success stories, envisioning every Pakistani youth as a beacon of prosperity and innovation.

The proposed expansion of the program was intended to create a more conducive environment for youth entrepreneurship, promoting economic growth, job creation and innovation in various sectors.

Leveraging the mutual expertise of stakeholders through this program, this initiative aims to stimulate socio-economic development and harness the full potential of Pakistan's youth population.