ISLAMABAD: Federal Minister for Finance and Revenue Shaukat Tarin lauded his team for the development of the Kamyab Pakistan Programme, saying that it will be launched within this month.
According to details, the government has decided to give Rs1.6 trillion to Kamyab Pakistan programme in the next three years to uplift under-privileged population of the country.
In a statement, the finance minister stated that an extensive consultative process was followed in working out modalities of the Kamyab Pakistan programme ensuring that all relevant stakeholders are on board.
Kamyab Pakistan is a flagship programme which shall extend micro-loans to entrepreneurs, small business and farmers at 0% mark-up without collateral. The key focus is to provide loans to 4.5 million households at the lowest strata.
The cumulative disbursement under the programme would be Rs1.6 trillion over the period of next three to five years and shall benefit three million families, which will make this programme one of the largest of its kind in the world whereby the micro-loans will be disbursed under a wholesale arrangement between the banks, development financial institution (DFIs), Pakistan Mortgage Refinance Company, microfinance banks and institution or housing finance companies.
Under Kamyab Kissan Programme, agricultural loans shall be given to farmers with landholdings up to 12.5 acres. Micro loans would be extended up to Rs150,000 (per crop) for procurement of agricultural inputs to boost agricultural productivity. In addition, loans up to Rs200,000 would be given for machinery and equipment.
Similarly, loans shall be extended for small businesses and start-ups at 0% mark-up in both rural and urban areas under ‘Kamyab Karobar’. Loan size is up to Rs500,000 and repayment will be in easy instalments.
Kamyab Pakistan programme will also be integrated with the government’s ongoing skill development programme for educational and vocational training; under the ‘Kamyab Hunarmand’ scheme and provincial initiative of Sehat Insaf Card.