Chairman PMYP Meets Finance Minister To Expand Youth Business, Agriculture Loan Schemes

Fahad Shabbir (@FahadShabbir) Published July 30, 2024 | 12:00 AM

ISLAMABAD, (UrduPoint / Pakistan Point News - 30th Jul, 2024) Chairman of the Prime Minister's Youth Programme(PMYP), Rana Mashhood Ahmad Khan, recently met with Finance Minister Muhammad Aurangzeb to discuss enhancements to the Prime Minister's Youth business and Agriculture Loan Scheme.

According to PMYP office, the meeting focused on introducing new tiers to the existing loan structure, aimed at broadening opportunities for young entrepreneurs and supporting sustainable agricultural practices.

The discussion led to the decision to introduce Tier 4 and Tier 5 loan categories. Tier 4 will provide interest-free loans for “ laptops for All”, overseas employment opportunities, and e-bike initiatives, thereby empowering youth with essential tools and resources for personal and professional development while Tier 5 will focus on supporting farmers by ensuring the solarization of tubewells, contributing to sustainable agricultural practices and energy efficiency.

Previously, the scheme operated on three tiers, Tier 1 for Loans up to 0.5 million PKR, Tier 2 for loans up to 1.5 million PKR and Tier 3 for loans up to 7.5 million PKR.

These tiers have successfully provided substantial financial support to aspiring entrepreneurs across the country, fostering innovation and economic growth.

Chairman Rana Mashhood Ahmed Khan emphasized the importance of expanding the loan scheme, stating, "The inclusion of Tier 4 and Tier 5 will significantly enhance our efforts to empower the youth and support sustainable agricultural practices.

These initiatives reflect our commitment to provide the necessary resources and opportunities for the development and prosperity of our young people and farmers."

Finance Minister Aurangzeb expressed his support for the expansion, highlighting the positive impact it will have on the country's economy and the future of its youth. "By extending interest-free loans for essential tools and promoting sustainable agriculture, we are taking crucial steps towards a brighter and more sustainable future for Pakistan," he said.

The Prime Minister's Youth Programme remains dedicated to fostering youth development through various initiatives and will continue to work closely with key stakeholders to ensure the success and sustainability of these efforts.