Khyber-Pakhtunkhwa has initiated the ‘Ehsaas Nojawan Program‘ by the provincial government to empower youth through interest-free loans to young individuals to start their own businesses.
This is the flagship initiative under the ‘Ihsas Initiatives’ by the provincial government to economically empower the youth of the province.
The program launched with a total budget of Rs3 billion with an allocation of Rs.1.1 billion in the current fiscal year, would positively affect the lives of so many young people for three years.
The program is comprised of two parts out of which, the first one is being executed through Bank of Khyber (BoK), which provides interest-free loans worth one billion rupees to clusters or groups of three to five young men and women aged 18-35.
The loans are issued within a range of Rs1 million to Rs5 million for tenable terms of eight years with 20 months of grace period. The second phase, in conjunction with Akhuwat Microfinance Bank, has a budget of Rs2 billion providing interest-free loans for small organizations of individuals aged 18-40 from Rs100,000 up to Rs500,000.
There are special quotas for women and persons with disabilities so as to make it a level playing field for all.
He stressed the importance of the Ehsaas Nojawan Program, saying it is an important step in assisting the youth in becoming financially independent. He encouraged the youth to pursue businesses rather than just job openings since it holds a greater future for growth.
The provincial government would be fully supportive of young innovators with new ideas in business, and the Chief Ministers took the stage to address hard work and “honesty is the best policy and nothing substitutes for hard work.” Also three other programs
