Government announces Rs 3.8 billion interest-free loans for youth

Peshawar: The Khyber Pakhtunkhwa government announced that it would give away Rs 3.8 billion interest-free loans to the youth of the province.

According to an official statement, the initiative will support around 3,500 businesses and benefit more than 10,500 families.

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The youth loan scheme was approved during meeting of the planning and development department that was chaired by additional chief secretary Shakeel Qadir Khan.

The meeting was attended by youth affairs secretary Mohammad Abid Majeed and the managing director of the Bank of Khyber.

Under the program, the Rs 2 billion ‘innovation fund for entrepreneurs, youth and women’ will be rolled out for settled areas and the Rs 1.8 billion ‘start-up program for the economic uplift of youth’ for the youth of merged areas.

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The meeting also decided that the services of experienced professionals, business experts and specialists from the manufacturing, services and trading sectors will be engaged by the provincial government to train the youth as recipients of loans, support the development of business plans and provide incubation support to begin business operations.

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