By Dr Lubna Farah
ISLAMABAD: Prime Minister Shehbaz Sharif has increased the maximum loan limit under the government’s Youth Business and Agriculture Loan Schemes from Rs7.5 million to Rs25 million to expand business and agricultural opportunities for young people across the country.
According to the Prime Minister’s Office (PMO), the decision was announced on Sunday during a meeting focused on youth empowerment, employment generation and greater participation in the agricultural sector.
The prime minister directed relevant authorities to launch a comprehensive awareness campaign to ensure that maximum young people benefit from the government’s initiatives and financial assistance programmes.
Emphasising the importance of youth in national development, Shehbaz Sharif said young people are a valuable asset of the country, adding that the government is committed to empowering them by harnessing their potential and providing employment opportunities.
He also directed that 30 percent of the loans under the Youth Business and Agriculture Loan Schemes be reserved for women to encourage their participation in entrepreneurship and economic activities.
In another significant decision, the minimum age requirement for obtaining loans under the schemes has been reduced from 21 to 18 years. The move is aimed at enabling more young people to establish businesses and undertake agricultural activities at an earlier stage.
The prime minister further instructed the Small and Medium Enterprises Development Authority (SMEDA) to provide comprehensive assistance to applicants, including business consultancy, technical guidance and other necessary support.
Officials informed the meeting that Rs292 billion had been allocated during the current financial year for providing loans to young people under the schemes.
The meeting was also briefed that loans worth Rs313.9 billion had been disbursed among youth since January 2023.
The government said the expanded loan facilities are intended to promote entrepreneurship, create employment opportunities and strengthen the country’s agricultural sector by facilitating access to financial resources for young entrepreneurs.
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