Islamabad: Prime Minister Muhammad Nawaz Sharif has directed to ensure 100% transparency and merit at the administrative level in the Prime Minister’s Business Loan Scheme being launched on December 2nd 2013. Any complaints in connection with the transparency of the Loan Scheme would be entertained on a toll free number 0800-77000.
The Prime Minister gave these directions while chairing a high-level meeting on Prime Minister’s Business Loan Scheme at the Prime Minister’s House on 22nd november afternoon.
During the meeting, the Prime Minister was thoroughly briefed on the various phases, details, Banks’ processes, training of the Banks’ employees, training of loan applicants etc. The Scheme is an excellent opportunity for the youth of the country to change their destinies for the better, said the Prime Minister.
Under the Prime Minister’s Business Loan Scheme, 50% loans have been allocated for women, especially the educated ones, and 5% quota has been reserved for widows, families of the Shaheeds and disabled.
The meeting was briefed that a stringent monitoring system would be put in place to save the Loan Scheme from malpractices and corruption. “The success of the Scheme would hinge on its transparency and merit and I myself, by taking its ownership, would ensure it”, said the Prime Minister.
The meeting also decided that the balloting for the Loan Scheme would be conducted on monthly basis and those applicants who fail to get loan at a balloting would be considered in the subsequent ballots. “This will be an ongoing process and in the coming months and years, the Scheme would be extended to new levels, said the Prime Minister.
The Prime Minister told that the private sector banks would also join in the government’s effort to give maximum business and employment opportunities to the people.
It was also apprised to the Prime Minister that no cost of forms and small processing fee would be charged from the applicants.
The meeting was also briefed on the huge response that the Loan Scheme elicited from the public. Pre-feasibility studies, which help budding entrepreneurs in making their business plans and are available on the Small and Medium Enterprises Development Authority (SMEDA) website have been downloaded in huge numbers and is a testimony of peoples’ deep interest in the Loan Scheme.
The Prime Minister directed that those business areas should be given precedence which are of vital national interest like fish-farming, cattle-farming, gems and jewelery etc.
The meeting decided that the First Year of the loan period will be given as grace period and the loan would have to be repaid in the next six years in easy installments and the mark-up on Loan would be 8%.
Exhorting the youth of the country to gain maximum benefit from the scheme, the Prime Minister said that they must avail themselves of this golden opportunity to secure their and their families’ future. The country would also hugely benefit from this great exercise of national activity. “It is just the beginning and we have to take this process of progress forward,” said the Prime Minister.
The Prime Minister said that youth of the country have to be given opportunity for doing their own decent, good, profitable business for their benefit and for the benefit of their country.
The meeting also emphasized on the training of bank staff which has to be deputed for the facilitation and loan processing at Banks all across the country. “They should be well-mannered, well-informed and courteous”, said the Prime Minister.
The Prime Minister directed National Bank of Pakistan (NBP) to hold workshops at the regional and provincial levels to train Managers and branch managers for exemplary processing and facilitation of the loan applicants. SMEDA and First Women Bank have to work hand in hand with the NBP for the successful accomplishment of this task.
Minister Finance Mr. Muhammad Ishaq Dar, Minister Information Senator Pervez Rashid, Governor State Bank Mr. Yaseen Anwar, Political Secretary to the PM Dr. Asif Kirmani and senior officials of the Prime Minister’s Office, Finance, SMEDA and First Women Bank attended the meeting.
PM's Youth Program
Sunday, 24 November 2013
PM’s Youth Training Programme 2013-14 for Students
Under this scheme, young individuals with 16 years of education from recognized institutions will be provided on-the-job- training/internships at private and public sector offices. It is aimed that professional development would equip them with abilities to get job opportunities in the country or abroad.
- Eligibility criteria:
Graduates with minimum 16 years of education from HEC approved educational institutions and of age not more than 25 years (26 for less-developed areas) are eligible to apply.
- Geographical spread:
The geographic outreach of the scheme is not restricted. Individuals fulfilling the eligibility criteria can apply from across Pakistan.
- Stipend:
A monthly stipend of Rs.10,000 shall be paid to each selected applicant for a period of 12 months.
- Number of interns:
50,000 interns would be hired under the operations of the scheme.
- Budget Allocation FY 2013-14:
A budget of Rs.4.0 billion has been allocated to the scheme for the financial year 2013-2014.
- Executing agency:
A top class management consulting firm/university from the private sector in collaboration with the Government will be responsible for the design, placement of internees and their periodic evaluation.
Partnership with the private sector would increase financial transparence, ensure selection on merit and produce more efficient outcomes/results.
- Training program:
Focal points in each private and public office will be responsible for ensuring effective use of the internees’ services.
- Areas of training:
In addition to government offices on local, provincial and federal levels, all leading firms from the private and development sector will be offered services of the internees
- Availability of Forms:
Forms will be available from December 2, 2013 in National Bank Of Pakistan
For more details Please visit Official site for this Program:
Or call on Toll Free Number: 080-077-000
For Online Registration(Click the Image below):
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Friday, 22 November 2013
Prime Minister's Business Loans
Following are the Details about Small Business Loan Program
- Budget for financial year 2013-14:
Rs.5 billion have been allocated in the budget for the financial year 2013-2014.
- Number of Loans:
100,000 loans would be disbursed under the scheme.
- Size of Loan:
The amount of each loan can range from Rs.0.5 million to Rs 2.0 million.
- Average Loan Size:
The average loan size would be Rs.1.25 million.
- Sectors and Products:
The scheme encompasses all sectors of the economy. Standardized schemes/projects/ undertakings will be designed by SMEDA. Additionally, projects designed by private sector service providers and individuals are included in the scope of the scheme.
- Eligibility criteria:
An individual, male or female, of age not more than 35 years and has an entrepreneurial potential is eligible to apply for the scheme.
- Priority For Women:
Under the Prime Minister’s Business Loan Scheme, 50% loans have been allocated for women, especially the educated ones, and 5% quota has been reserved for widows, families of the Shaheeds and disabled.
- Pricing:
It is fixed at 8% for the borrower. However, the difference in the cost will be paid by the Federal Government at KIBOR+500 bps.
- Refinancing:
The State Bank of Pakistan shall explore providing 50% refinance at the risk of participating banks.
- Risk mitigation:
Government will share 50% of losses subject to a maximum of 10% of the loan amount.
- Debt-Equity ratio:
A 90:10 debt-equity ratio would be followed with tenor of up to 7 years.
- Executing agency:
In the initial phase of the scheme, the National Bank of Pakistan and First Women Bank would act as the executing agencies of the scheme under the guidance and supervision of the State Bank of Pakistan.Other Banks might Join.
Availability of Forms:
Forms will be available from December 2, 2013 in National Bank Of Pakistan
For more details Please visit Official site for this Program:
Or call on Toll Free Number: 080-077-000
PM announces Youth Program!
Prime Minister of Pakistan Mian Muhammad Nawaz Sharif has announced Small Business Loans Scheme for unemployed educated youth to establish new enterprises across Pakistan. 100,000 loans would be disbursed under the scheme.
Prime Minister of Pakistan Mian Muhammad Nawaz Sharif initiated six youth development programs under the Banner of "PM's Youth Program".
- Small Business Loan Program
- Youth Training Program
- Laptop Program
- Qarz-E-Hasana
- Tuition Fee Program
- Skills Development Program
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