Rs 5.58b granted to 251,351 youths under PM’s Interest Free Loan Scheme

Lahore: Almost 251,351 interest free loans of worth Rs 5.58 billion have been granted to poor under Prime Minister’s Interest Free Loan Scheme.

These interest free loans under PM loan scheme have been provided in 427 union councils of 44 districts crosswise the country and 62% of loan beneficiaries were female.

The recovery rate of the loan scheme was 99%.

According to the official sources, Pakistan Poverty Alleviation Fund (PPAF) has been implementing this scheme with the help of its 26 partner organizations (POs).

It is also important to mention here that 54,000 Benazir Income Support Programme (BISP) beneficiaries have been moved up from dependency to self-reliance by establishing their own businesses along with the loan got under this scheme.

As per the sources, the PM’s Youth Programme was a notable initiative of Pakistan Muslim League-Nawaz (PML-N) government for socio-economic development of youth in a bid to fight against unemployment.

The Prime Minister’s Youth Programme includes six schemes:

1. PM’s Youth Business Loan Scheme

2. PM’s Interest Free Loan Scheme

3. PM’s Youth Skill Development Programme

4. PM’s (National) Programme for Provision of Laptops to Talented Students

5. PM’s Fee Reimbursement Scheme for Less Developed Areas

6. PM’s Youth Training Scheme

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