PESHAWAR: KP Chief Minister Sardar Ali Amin Khan Gandapur formally launched two new initiatives i.e. The Naujwan Programme and the Chief Minister Youth Internship Programme.
The launching ceremony in this regard was held at the Chief Minister's House Peshawar on Thursday wherein the Chief Minister formally launched both initiatives.
The Chief Minister also launched the online portal of Ehsas Naujwan online portal, through which, youth from across the province can apply online for interest-free loans to start their own business under the Ehsas Naujwan Programme.
On this occasion, a Memorandum of Understanding (MoU) was also signed between the Department of Youth Affairs, Bank of Khyber, and Akhuwat Microfinance to implement the programme.
The Ehsas Naujwan Program a three-year project would be implemented at a cost of Rs.3.00 billion. Under the first component of this programme, interest-free loans worth Rs.1.00 billion will be provided in partnership with the Bank of Khyber. Under this component, clusters of three to five young men aged 18 to 35, will receive interest free loans ranging from Rs.1.00 million to Rs.5.00 million. The repayment period will span eight years, with the first 20-month as grace period during which, no repayments will be required.
The second component of the program would be implemented in partnership with Akhuwat Microfinance Bank at a cost of Rs2.00 billion. It will provide interest-free loans ranging from Rs100,000 to 500,000 for small-scale businesses to individuals aged 18 to 40. A quota of 15% has been reserved for women, 2.5% for persons with special abilities, 5% for madrassa students, and 2.5% for minorities. Notably, the Ehsas Naujwan Programme will continue in the future as a revolving fund, allowing the amount repaid by beneficiaries to be made available to assist more youth for starting new business or expanding existing ones.
Additionally, the Chief Minister Youth Internship Program launched on the occasion, will offer internships to 400 students annually, each lasting three months and providing a monthly stipend of Rs25,000. Over three years, a total of 1,200 students will benefit from this programme. Young individuals aged up to 29 with 16 years of education or an equivalent degree recognized by the Higher Education Commission will be eligible. Upon completion, internees will be provided with employment opportunities in various public and private sectors.
Addressing the ceremony, Chief Minister Ali Amin Khan Gandapur said that Imran Khan’s vision is to empower the nation to stand on its own feet. Programs like Ehsas Naujwan, Ehsas Hunar, Ehsas Rozgar, and Ehsas Apna Ghar are practical steps towards realizing that vision.
He stated that these initiatives aim to provide loans for starting businesses and helping individuals to achieve financial independence. Similarly, he said that his government has realized and intended to provide affordable housing facilities for those unable to afford it.
Despite financial challenges, the government is committed to launching public welfare projects in the province. Our goal is to empowering youth with entrepreneurial opportunities rather than offering them class-4 jobs, he remarked and added that the youth will come up with ideas, and the government will provide them opportunities, so we can move forward together.
He also directed the quarters concerned to ensure that loans are distributed purely on merit to benefit deserving individuals without any discrimination.
Copyright Business Recorder, 2024
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