Prime Minister Muhammad Nawaz Sharif inaugurates Interest Free Loan (Qarz-e-Hasana) Scheme

June 26, 2014

Prime Minister Nawaz Sharif has said that we have development agenda for Pakistan with all sincerity and all the political forces should join hands with us to achieve this agenda. Our vision is to place Pakistan amongst the developed nations of the world.  Prime Minister said this while addressing the launching ceremony of Interest Free loan scheme at Auditorium of PM Office, Islamabad today.

Prime Minister said that our development agenda is also evident from our past tenures when we initiated Motorways. Ghazi Barotha was also our government’s initiative, he added.  Had our agenda of development been continued, Pakistan would have been far ahead in the communication and Infrastructure sectors.

“I performed ground-breaking of 4320 MW Dasu Hydro Power Project in Khyber Pakhtunkhwa yesterday which would be the largest power project in Pakistan in terms of its power generation”, PM told. We also plan to construct 4500 MW Diamer-Bhasha Dam, added the PM. Our plan is not only to increase the power generation but also to cut down the cost of electricity to provide affordable power to the consumers, PM said.

Prime Minister said that the power generation sector has been neglected by subsequent governments due to which a “nuclear power country” has reached a stage that where there is electricity shortage, imports and exports and all economic indicators have been at the lowest ebb. Ten dams should have been constructed till now in Pakistan to cater for increasing demand of electricity.

“The agenda of successive governments should have been economic development to revitalize the Pakistan’s economy, but it was not so. Had they focused on it, there would have been no poverty, deprivation and backwardness”, PM added.  

Prime Minister said that we want to serve people of Pakistan keeping aside political affiliations. We have launched Business Loan Scheme, Fee Reimbursement Scheme, Skill Development Program for the youth of our country and there is no discrimination amongst the beneficiaries based on their association, relationship, or attachment to any person or party, their only qualification is eligibility and merit, told PM.

Muhammad Nawaz Sharif said that the Qarz-e-Hasana Scheme launched today is based on the principles of transparency and merit. The scheme is being managed by Pakistan Poverty Alleviation Fund, an independent organization and 250,000 persons will get loan each year reaching a total of One Million within 4 years while as Rs. 3.5 billion has been earmarked for this year. The loan amount would be up to Rs. 50,000 keeping in view the needs of the person, and there is no markup on the loan.  50% of the loan would be for the female population of the country, PM added.

Prime Minister said that the Youth development schemes were our election mandate and we have today fulfilled another promise made with our electorate. I wish we had enough resources to give such loans to all such skilled and needy people, but we have taken a step in this direction, PM added.  

Later, the Prime Minister distributed cheques among the deserving beneficiaries from District Haripur, Khyber Pakhtunkhwa and 175 of them received amount to the tune of Rs 3.9 Million.