Pakistani PM announces youth interest-free loan, other welfare schemes

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Pakistani PM announces youth interest-free loan, other welfare schemes

(Xinhua) 09:04, September 22, 2013

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ISLAMABAD, Sept. 21 -- Pakistani Prime Minister Nawaz Sharif on Saturday launched several welfare schemes for youth with initial allocations of twenty billion rupees (about 189.4 million U.S. dollars).

Addressing the nation over state television and radio networks, he said these programs aimed at creating self-employment opportunities for youth and are in fulfillment of its election manifesto.

He said the micro-interest free loan scheme is targeted at disadvantaged sections of the society and will benefit 250,000 people. An allocation of 3.5 billion rupees has been made during the current financial year.

The Small Business Loan Scheme has been designed for the unemployed, especially educated youth, to enable them to start their own businesses.

Under the scheme, loans ranging from 500,000 to 2 million rupees would be advanced to youth at concessionary mark-up rate of 8 percent and the remaining burden of the mark-up would be borne by the government.

Fifty percent of the loans would be given to women and initially these loans would be advanced by the state-owned banks. Five billion rupees have been allocated for the scheme.

The Prime Minister said under Youth Training Scheme, those completing sixteen-year degree education from recognized institutions would be given practical training to help them secure jobs at home or abroad.

For this on-the-job training, ten thousand rupees of scholarship would be given per month for one year and 50,000 graduates would benefit from the scheme. Four billion rupees have been earmarked for this scheme.

The Youth Skilled Development Scheme is being launched for boys and girls who have passed 8th class. They will be given six months training in different trades along with scholarship of 5,000 rupees a month. The government has earmarked 800 million rupees for the scheme.

Nawaz Sharif also announced a scheme for sponsoring tuition fee of students belonging to backward areas so that brilliant students are not deprived of their right to education due to financial constraints.

The government would pay at an average 40,000 rupees annual fee on behalf of each of the thirty thousand students for master degrees and higher level education. This scheme is being launched at a cost of 1.2 billion rupees.

Nawaz Sharif said 4 billion rupees have been earmarked for Prime Minister's scheme for Provision of Laptops to the intelligent students. Under the scheme, one hundred thousand students would be provided laptops this year by the Federal Government.

"Get ready to benefit from these program, I believe that youngsters can play the main role in steering Pakistan on the path of self reliance. Stand up with the aim to rewrite your destiny," said the Prime Minister to the youth.