Last Updated on: 1st July 2023, 12:11 am
Federal Finance Minister Shaukat Tarin chaired a meeting on Friday via a video link to expand the Kamyab Jawan program.
The SAPM for Youth Affairs Usman Dar and the Presidents of the National Bank, Habib Bank, and the Bank of Punjab were also present.
During the meeting, the Minister of Finance, Dr. Amjad Saqib, Amir Masood Khan, Chairman of the Naya Pakistan Housing Authority, and others to share their views on expanding the Kamyab Jawan Program so that more people, especially young people, can join the government’s financial inclusion agenda.
The Finance Minister asked the banks to prepare a conception of the Kamyab Jawan Program (for level 1 borrowers) through which they would work with microfinance banks and microfinance institutions and provide short and medium-term loans with an interest rate of zero or the lowest possible rate for entrepreneurship in agriculture could forgive development and residential projects.
Participating banks and other stakeholders exchanged views and experiences on the subject at the meeting and endorsed the general idea of maximizing the use of finance by microcredit users. The finance minister has asked all major banks and microfinance institutions to come up with proposals for programming within a week and to allocate a percentage of their resources for this purpose.
He said the government would provide a loan guarantee and a risk-sharing facility to reassure commercial banks.
Also Read: Govt Raises the Kamyab Jawan Program Loan Limit to Rs. 50 Million
