MUZAFFARABAD:
The AJK Bank and the Small Industries Corporation signed a memorandum of understanding (MOU) under the youth loan scheme of the Prime Minister to provide loans without interest from RS0.5 million to RS2 million to young people in Azad Cashmir.
The Mou signing ceremony was attended by small industries Taqdees Gillani, the Minister of Finance and the president of Banco Ause Abdul Majid Khan and the Finance Secretary of Islam Zab.
Secretary Industrias Chaudhry Abdul Rehman, president of Ajk Bank, Shahid Shehzad Mir, MD Small Industries Muhammad Zeeshan Arif and director of small industries Abdul Khaliq Abbasi were also present.
Under this initiative, one billion rupees will be given to young people in the AJK in the form of non -interest loans aimed at economically empowering them. This scheme is considered an important step to make young people economically self -sufficient. Loans of up to RS500,000 will be granted with only five guarantors. The objective of the scheme is to unleash the business potential of young people, create employment opportunities, reduce poverty, boost private sector activity
The 48 percent quota has been specifically assigned for women and for the first time transgender people will also receive financial support to start businesses. Both participating institutions will implement this program in the 10 AJK districts.
Finance Minister Majid Khan said that this was a significant step to convert the dreams of youth actually. Shahid Shehzad Mir added that the bank would provide financial and technical support to young entrepreneurs. “This initiative offers a ray of hope for thousands of young people,” he added.
