ISLAMABAD – As of today, the government has disbursed soft loans amounting to Rs 1.4 billion among qualified Entrepreneurs under the Youth Entrepreneurship Scheme (YES) of Prime Minister’s Kamyab Jawan Programme.
As per the report of the official of the office of Special Assistant to the Prime Minister on Youth Affairs Usman Dar, out of the total disbursed loans, at least 30 per cent were given to women and the male entrepreneurs received around 70 per cent of the Jawan Programme.
He apprised that PM Imran Khan had recently given directions to the banks for accelerating the pace of the loans’ disbursement process enabling youth to play their due role in the National Development.
The official apprised the ‘YES’ had been playing a critical role in encouraging small businesses in the country. Moreover, it assisted to speed up economic activities and career creation, especially in times of the Covid-19 pandemic.
He further added that the said scheme was introduced under the umbrella of Kamyab Jawan Programme in October last year with the seed allocation of Rs 100 billion and a two-tier disbursement mechanism for the loans, under which Rs 100,000 to Rs 500,000 and Rs 0.5 million to Rs 5 million were given to each successful applicant.
Recently, a third-tier had added into the Project, launching a new category of loan size ranging between Rs 10 million and Rs 25 million after growing the scope of YES.
As per the revised scheme, he said the loan amount had been increased up to Rs 25 million from Rs 5 million to benefit the maximum number of young people across the country. The number of participating banks has also been enhanced from 3 to 21 under the revised scheme.
He further added that the mark-up rates on the initial two-level had also been divided equally from six per cent and eight per cent to three per cent and four per cent respectively.
He added the YES had been getting an overwhelming response from the youth. “At least 1.25 million youth submitted applications within 15 days of its initial launch. It shows the eagerness of our youth in commencing their own businesses.”
The official apprised that the similar kind of feedback was received after revision of the YES as more than 400,000 youth had applied for the concessionary loans under the extended loan-scheme.
Before, while giving an interview to APP, Special Assistant to the Prime Minister (SAPM) on Youth Affairs Muhammad Usman Dar apprised that the Kamyab Jawan Programme might help produce 50,000 jobs by the year-end through further disbursement of loans amounting to around Rs 5 billion among 10,000 registered Small and Medium Enterprises (SMEs) under its Youth Entrepreneurship Scheme (YES).