PM has said that the government is committed to empower the youth by providing them Rs 3.7 billion easy loans

February 28, 2014

Prime Minister Muhammad Nawaz Sharif has said that the government is committed to empower the youth by providing them Rs 3.7 billion easy loans as it would not only help the country but also strengthen national economy. He was addressing the first balloting ceremony of PM Business Youth Loan Scheme at Convention Center Islamabad today.

Prime Minister said that in the past upto 70 percent of youth population had no access to loans, as only the influential businessmen were eligible to get loans from banks. He said the youth would lead the nation as in the developed countries 80 percent youth were playing their role in strengthening the economy.

He said these youth would come forward by starting their own businesses in various sectors which would not only benefit them but they would also be in a position to provide jobs to other persons. Prime Minister particularly urged women and youth of KPK, Sind and Balochistan to take advantage from the Loan Scheme.

Prime Minister recalled that he had not raised the slogan to change destiny of the nation just for getting votes, but it was his commitment to provide jobs to people and make them respectable citizens who could contribute to the economic development of the country. 

He said around 38,000 applications including 28,000 from Punjab, 600 from Islamabad Capital Territory, 3,500 from KPK, 100 from Gilgit Baltistan, 1,000 from Balochistan, 500 from AJK and 3,000 from Sindh, were received. He said out of these applications 6,127 were approved for balloting, of which 5,399 would be given loans. PM said the applicants were selected according to the provincial quota and said that 100,000 loans would be awarded in one year. He further said that Prime Minister said that the successful candidates would be informed through SMS.

 Prime Minister Nawaz Sharif said that country’s GDPshowed a growth of five percent during the first quarter of the current fiscal year, 17 percent increase in taxes while the industrial growth was recorded 6.6 percent till December 2013.

 He said that the government had to take some tough decisions in the beginning but these were for the benefit of the country.

 The Prime Minister said that nothing was done for the uplift of country in the past and that is why the people were suffering due to long hours of loadshedding. He said it was top priority of the government to reduce energy crisis, adding the present government after coming into power, reduced the loadshedding duration through better management and would further reduce it through best practices and initiation of new power projects. He said there was still 7,000 MW of shortfall and the government would not only reduce this gap but would produce 20,000 to 25,000 MW of electricity.    

The Prime Minister said work on Karachi-Lahore Motorway would be started very soon where Lahore-Multan, Sukkar-Multan and Sukkar-Hyderabad sections would be completed.

 Chairperson Prime Minister Business Youth Programme Maryam Nawaz on the occasion said that female applicants from Punjaband Islamabad Capital Territoryhave been selected through balloting while all the female applications from Khyber Pakhtunkhwa, Sindh, Balochistan, Gilgit Baltistan and Azad Jammu and Kashmir had been approved. 

Later, the Prime Minister performed electronic balloting of the applications for award of loans.