Pakistan to Expand and Enhance Youth Business Loan Scheme

Islamabad, A key meeting among the State Bank of Pakistan, the Chairman of the Prime Minister’s Youth Programme, Rana Mashhood Ahmed Khan, banks, and Microfinancing Institutes (MFIs) has laid the groundwork for significant enhancements to the Prime Minister’s Youth Business Loan Scheme.

According to Press Information Department, the discussions aimed at strengthening the structure of Tier 1 of the Youth Business Loan Scheme, which currently provides non-collateralized loans of up to 0.5 million Pakistani rupees. The revisions intend to broaden the scheme’s scope and include structural adjustments to better serve the entrepreneurial needs of Pakistani youth. The scheme also offers larger loans in its Tier 2 and Tier 3, ranging from 1.5 million to 7.5 million rupees, respectively.

During the meeting, Chairman Rana Mashhood Ahmed Khan expressed the government’s strong commitment to enhancing the accessibility of loans for young entrepreneurs. He highlighted the scheme’s role in nurturing successful business ventures and fostering a spirit of innovation among the youth.

The planned improvements to the loan scheme are expected to streamline processes, increase accessibility, and ensure the scheme’s effectiveness in promoting economic empowerment. This initiative is part of a broader effort to foster economic growth, job creation, and innovation across various sectors, leveraging the dynamism and potential of Pakistan’s youthful population.