Prime Minister Shehbaz Sharif has increased the individual loan limit under the Youth Business and Agriculture Loan Schemes from Rs 7.5 million (75 lakh) to Rs 25 million (2.5 crore).
These loans will be repayable in easy installments. The minimum age limit has also been lowered from 21 to 18 years, and 30 percent of the loans have been reserved for women.
A total of Rs 292 billion has been allocated for the current year to provide loans to the youth under these schemes. A meeting, chaired by Prime Minister Muhammad Shehbaz Sharif, was held to review the implementation of the Prime Minister’s Youth Business Loan Scheme and the Prime Minister’s Youth Agriculture Loan Scheme, as well as the provision of loans to the youth.
The Prime Minister commended the efforts of Finance Minister Senator Muhammad Aurangzeb and his team for establishing effective arrangements to provide financial support for business and agricultural activities for the youth.
During the meeting, various measures were discussed aimed at empowering the youth, creating business opportunities, and increasing their participation in the agricultural sector.
The Prime Minister directed that 30 percent of the loans under the financing program be earmarked for women, with the objective of fostering their economic self-reliance and enhancing their involvement in entrepreneurial activities.
Furthermore, the Prime Minister instructed that the minimum age eligibility for youth to obtain loans be lowered from 21 to 18 years, enabling them to start businesses and engage in agricultural pursuits at a younger age.
He also directed the Small and Medium Enterprises Development Authority (SMEDA) to provide comprehensive support to the youth under this scheme, including assistance with business startups, mentorship, professional consultation, and technical guidance.
Additionally, the Prime Minister tasked the relevant authorities with launching an extensive, nationwide awareness campaign regarding these schemes, available opportunities, and government initiatives, ensuring that as many young people as possible can benefit from these facilities.
The Prime Minister emphasized that the youth are a valuable asset to Pakistan.
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