Prime Minister meets Business Loan applicants at Hyderabad

Hyderabad, January 03, 2014 (PPI-OT): Prime Minister, Muhammad Nawaz Sharif has said that the conditions for the guarantors in the Youth Business Loan Scheme have been eased keeping in view the difficulties faced by the youth. He said that now any person including blood relatives / family member having net worth of 1.5 times the loan can give the guarantee.

Further, any Grade-15 or above Government officer with 8 or more years of remaining service can be a guarantor. More than one person with cumulative net worth of more than 1.5 times the loan can give collective guarantees on single loan application.

Anyone with net worth more than 1.5 times the loan can give his own guarantee. Moreover, applicant’s bank account can be in any bank including National Bank of Pakistan, the Prime Minister said.

Prime Minister said this in his address to the applicants of Youth Business loan scheme at Hyderabad, Sind.

Prime Minister said that we have to trust our youth and want to give them financial independence so that they can play their positive role in economy of the country. He told that the recovery in the Yellow cab scheme in our last government was around 99% and we have complete trust in our youth and have confidence that they will utilize this loan amount productively.

Prime Minister said that previously the loans were given only to big personalities and entities and the small loan borrowers were neglected. We have decided to award loans to small borrowers in order to give benefit to the skilled youth and lower strata of the society.

This will not only benefit the small borrowers but their families and people who will get employed in these projects. The number of the beneficiaries will run into hundreds of thousands, PM added. Prime Minister said that this is a programme launched for the youth who are the builders of Pakistan.

Prime Minister further said that we have ensured transparency at every level in the process of awarding loans. “Not even my “Safarish” (preferential recommendation) will be accepted in it”, PM said. He said that the culture of favoritism and nepotism is a cancer which has eaten up our society and we want to ensure transparency and merit at every level in the government.

Later, the Prime Minister met the applicants and inquired from each of them about their plans after getting the loan. The applicants were enthusiastic to find Prime Minister amongst them and said that the loan scheme would help them to utilize their skills not only for the benefit of their own selves but their families and society at large too.

Speaking about infrastructure projects in Sind, the Prime Minister said that we have a comprehensive plan to build road network in Hyderabad and Karachi, adding that the Japanese Government has shown interest in Karachi Circular Railway Project and the project would be initiated soon.

Federal Minister for Information, Broadcasting and National Heritage Senator Pervaiz Rashid and Chief Minister Sind Mr. Qaim Ali Shah and other senior government officials were also present at the occasion. Earlier upon his arrival Prime Minister was received by Chief Minister Sindh, Mr. Qaim Ali Shah.

For more information, contact:
Haji Ahmed Malik
Principal Information Officer
Press Information Department (PID)
Tel: +9251 925 2323 and +9251 925 2324
Fax: +9251 925 2325 and +9251 925 2326
Email: piopid@gmail.com