The young Pakistanis aged 21-45 who have participated in vocational and business training provided by the United Nations Development Programme (UNDP) will receive access to affordable credit to develop small businesses from National Bank of Pakistan (NBP). The facility will be provided as part of the Prime Minister's Youth Business Loan Scheme (PMYBL).
A Memorandum of Understanding (MOU) was signed on Thursday between UNDP and NBP to increase awareness and access to finance to youth under PMYBL Scheme. The signing ceremony took place at the office of UNDP in Islamabad. MOU was signed by Neil Buhne, United Nations Resident Coordinator Humanitarian Coordinator for UNDP, and Saeed Ahmad, President & CEO on behalf of National Bank of Pakistan.
"Harnessing the drive and energy of young Pakistanis is critical to building a vibrant economy and a peaceful and prosperous society," said Neil Buhne. "By ensuring that qualified young men and women from traditionally marginalized communities have access to finance and economic opportunity, we will promote inclusive and sustainable economic growth that benefits everyone in society."
Saeed Ahmad, President & CEO NBP stated "In Pakistan, over 60 percent of the population is under the age of 30 years. Public & Private sectors provide jobs. However, it is imperative for the youth to explore other opportunities such as starting their own businesses in accordance with their skill set.
They also have to equip themselves with vocational skills which could enable them to avail opportunities in overseas job markets. In order to cater and strengthen the youth we need to create opportunities and bring them under the umbrella of financial inclusion by offering the deserving ones to avail financial services. NBP is determined to offer these opportunities to well equipped candidates via PMYBL scheme."
Under this two-year partnership, past and present participants in UNDP training programmes will be invited to information sessions conducted by NBP and offer them support to apply to the Prime Minister's Youth Business Loan Scheme to increase their chance of benefitting from the facility. Successful applicants will be eligible for loans starting from Rs 100,000 up to Rs 2,000,000, under favourable terms, to help them establish or grow their businesses. Information sessions will be held in Peshawar, DI Khan and Bannu in Khyber Pakhtunkhwa, Quetta in Balochistan, and Karachi in Sindh.-PR